Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn Conditions Slip
Aug 17, 2010
Yesterday afternoon, the USDA released its weekly crop progress report. The corn crop condition deteriorated since last week, but remains close to the historical average. The soybean crop condition remained unchanged compared to last week’s report. Both corn and soybeans are continuing to mature at an accelerated rate. The USDA estimated 69% of the corn crop is in good or excellent condition, while 11% is in poor or very poor condition. Last week 71% was in good or excellent condition, and 10% was in poor or very poor condition. During this week in 2009, 68% of the crop was in good or excellent condition and 10% was in poor or very poor condition.
This week, 74% of the corn crop has entered the dough stage of growth, while 52% was last week, and the 5-year historical average is 58%. This week the USDA estimated that 32% of the corn crop was dented while 14% was last year in the third week of August, and the 5-year historical average is 22%.
Of the 18 primary soybean producing states, 11% of the soybean crop is in poor or very poor condition while 66% is in good or excellent condition, which is unchanged from last week. The USDA estimated soybean blooming this week at 97% of the crop, while the estimate last week was 93%, and for this week in 2009 was 92%. The 5-year historical average is 95% of the soybean crop blooming by the third week in August. The USDA estimated that 84% of the soybean crop is setting pods, while 71% were last week, and the 5-year historical average is 81%.
The winter wheat harvest is slightly behind historical averages with 91% of the crop harvested so far. Last week, 87% was harvested, while the 5-year historical average is 96% by this week in August. Spring wheat harvest is also lagging behind historical averages with 34% of the harvest complete so far this year, while only 20% had been harvested last week. The 5-year historical average is that 44% of the spring wheat crop has been harvested by this week in August.
Corn prices increased 1.1% over the past week ending at $4.07 per bushel, soybeans were down 1.4% to $10.34 per bushel, and wheat ended the week down 7.4%, closing at $6.63 per bushel. Year-over-year corn prices are up 29.6%, soybeans are up 4.7%, and wheat is up 40.7%.
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