Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Improved Weather Helped Crop Conditions
Oct 21, 2013
Crop conditions were enhanced over the past three week hiatus of the Crop Progress Report during the recent Federal Government shutdown. Harvest is picking up steam, but still trailing historical averages.
As of October 20, 2013, 14% of the corn crop was in poor or very poor condition, a decrease of 2% from three weeks prior. Corn in good or excellent condition was 60%, compared to 55% from three weeks ago. Corn that has been harvested was at 39%, behind the five year average of 53%.
Soybean condition was 14% in poor or very poor condition, a 1% decrease from three weeks ago. Soybeans in good or excellent condition was 57%, an increase of 4% from three weeks prior. A total of 63% of the soybean crop has been harvested, 6% behind the five year average.
Winter wheat planted as of October 20, 2013 was 79%, in line with the five year average. 53% of the winter wheat crop has emerged, 1% behind the five year average.
December futures for corn ended the week at $4.44 per bushel, a 1.6% increase from last week. November soybeans ended the week at $13.03, a 2.4% increase from last week, and December wheat ended the week at $6.99, a 1.0% increase from last week. Year to year corn prices are down 41.7%, soybeans are down 15.7%, and wheat is down 20.4%.
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