Harvest is almost complete and farmers are working the fields for next year's crop. We anticipate the upcoming WASDE for yield estimates to determine the impact of the drought.
As of October 31, 2012 the U.S. has harvested 91% of the corn crop, compared to the five-year average of only 60%. Corn prices decreased by 0.8% over the past week ending at $7.55 per bushel and year-over-year prices have increased by 16.7%.
Soybean harvest is 87% complete, compared to 80% at the same time last year. Soybean prices increased by $0.01 over the past week ending at $15.47 per bushel and year-over-year prices increased by 28.2%.
Winter wheat planting has progressed to 88%, only 3% higher than the five-year average. 63% of the winter wheat has emerged, 1% behind last year at the same time. Wheat prices ended the week at $8.64 per bushel, a 1.6% decrease from last week. Year-over-year wheat prices have increased 37.6%.