Crop Progress: Corn Harvest Ahead of Schedule
Oct 17, 2011
This afternoon, USDA released its weekly crop progress report. The corn harvest is 47% complete, which is ahead of the 41% five-year historical average. USDA estimated 53% of the corn crop is in good or excellent condition, which is the same as last week. The estimate for corn in poor or very poor condition is also the same as last week, at 19%.
Out of the entire corn crop, 94% was considered mature by USDA this week, 89% was mature last week and 100% was mature last year at this point. Corn maturity is on pace with the five-year historical average of 93%.
In the 18 primary soybean producing states, 69% of soybeans were harvested by the third week in October. Last year at this time, 81% of soybeans had been harvested and the five-year historical average for week three of October is 61% harvested.
The winter wheat planting progress is at 73%, which is behind the five-year average of 77% and last year's progress of 80% for the third week of October. Winter wheat emergence is at 44%, down from the five-year average of 51% emerged.
Corn prices increased by 5.8% over the past week, ending at $6.40 per bushel; soybeans were up 6.5% to $12.53 per bushel; and wheat ended the week up 2.1% closing at $6.24 per bushel. Year-over-year corn prices are up 15.3%, soybeans are up 8.8% and wheat is down 12.0%.