Crop Progress: Corn Harvest on Average Pace
Oct 03, 2011
This afternoon, USDA released its weekly crop progress report. The corn harvest is 21% complete, which is on pace with the 23% five-year historical average. USDA estimates 52% of the corn crop is in good or excellent condition, same as last week. The estimate for corn in poor or very poor condition also went unchanged from last week at 20%. Last year at this time, 13% of the crop was in poor or very poor condition while 66% was in good or excellent condition.
Out of the entire corn crop, 79% was considered mature by USDA this week, 63% was mature last week, and 92% was mature last year at this point. Corn maturity is on pace with the five-year historical average of 78%.
Of the 18 primary soybean producing states, 17% of the soybean crop is in poor or very poor condition while 54% is in good or excellent condition, which is well off 2010 estimates of 12% and 64%, respectively, for the first week of October. USDA estimates that 76% of soybeans were dropping leaves by this week, which is again lagging the five-year historical average of 83% for the first week of October.
The winter wheat planting progress is at 42%, which is behind the five-year average of 53% and last year's progress of 52% for the first week of October.
Corn, soybean and wheat prices all decreased significantly following the USDA quarterly Grain Stocks report, which was released last Friday. Corn prices decreased by 8.6% over the past week, ending at $5.92 per bushel; soybeans were down 6.5% to $11.77 per bushel; and wheat ended the week down 4.4%, closing at $6.19 per bushel. Year-over-year corn prices are up 25.7%, soybeans are up 11.7%, and wheat is down 4.3%.
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