Crop Progress: Over Half of U.S. Corn Harvested
Oct 01, 2012
Harvesting of corn and soybeans continued to press on as over half of the U.S. corn has been harvested. We look forward to definite yield data to determine how hard the drought has affected yield performance.
As of October 1, 2012 the USDA estimated that 25% of the corn crop was in good or excellent condition, a 27% decline from last year; 50% of corn was in very poor or poor condition compared to 20% a year ago. Harvest continued to outpace historical data as 54% of the U.S. corn crop has been harvested, compared to the five-year average of only 20%. 94% of the corn crop was mature, outpacing the five-year average of 72%. Corn prices increased by 1.6% over the past week ending at $7.56 per bushel and year-over-year prices have increased by 27.7%.
Soybean conditions were at 33% in very poor or poor condition compared to 17% a year earlier. Soybeans in good or excellent condition were at 35%, a 19% decline from one year prior. 85% of this year's soybean crop have already dropped leaves, only 71% had dropped their leaves at the same time last year. Soybean prices decreased by 3.1% over the past week ending at $15.60 per bushel and year-over-year prices increased by 32.5%.
Winter wheat planting has progressed with 40% planted, compared to 36% last year. Wheat prices ended the week at $8.84 per bushel, a 0.9% decrease from last week. Year-over-year wheat prices have increased 42.8%.