Crop Progress: An Early Planting Season
Apr 17, 2012
The USDA released its weekly crop progress report today, a day late due to an electrical fire at their Washington, DC offices yesterday. Corn planted acres continues to outpace historical averages.
As of April 16, 2012, the 18 primary corn producing states have planted 17% of their corn, compared to 5% one year prior and a 5-year historical average of 5%. 17 of the states have already planted more corn than their 5-year historical average, Texas being the only state below its average. Illinois has already planted 41% of its corn, compared to only 8% a year prior.
The 6 primary spring wheat producing states have planted 37% of their crop as of the third week of April, compared to their 5-year average of only 9%. South Dakota, which on average the past 5 years has 13% planted by this time, has 83% of their spring wheat planted thus far. Across these states, 10% of the spring wheat has emerged as only 1% was emerged by this time last year.
Winter wheat conditions continue to outperform 2011's conditions with 64% of the winter wheat crop in good or excellent condition, a 28% increase from last year. Winter wheat in very poor or poor condition is at 11%, a 27% decrease from one year prior.
Corn prices decreased by 4.0% over the past week ending at $6.23 per bushel, soybean prices decreased by 0.7% over the past week ending at $14.20 per bushel and wheat prices ended the week at $6.16 per bushel, a 4.2% decrease from last week. Year-over-year corn prices are down 17.0%, soybeans are up 5.7%, and wheat is down 20.5%.
