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Farmland Forecast

RSS By: Marc Schober,

Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.

Crop Progress: Corn and Soybean Conditions Unchanged

Aug 31, 2010

Yesterday afternoon, the USDA released its weekly crop progress report. The corn crop condition remained unchanged since last week, and remains close to the historical average. The soybean crop condition also remained unchanged compared to last week’s report. The USDA estimated 70% of the corn crop is in good or excellent condition, while 10% is in poor or very poor condition. During this week in 2009, 69% of the crop was in good or excellent condition and 10% was in poor or very poor condition.

This week, 94% of the corn crop has entered the dough stage of growth, while 88% was last week, and the 5-year historical average is 86%. This week the USDA estimated that 73% of the corn crop was dented while 54% was last year in the fourth week of August, and the 5-year historical average is 55%. Out of the entire corn crop, 17% was considered mature by USDA this week, 8% was mature last week and the 5-year historical average is 11% by the fourth week in August.

Of the 18 primary soybean producing states, 12% of the soybean crop is in poor or very poor condition while 64% is in good or excellent condition, which is unchanged from last week. The USDA estimated that 92% of the soybean crop is setting pods, while 91% were last week, and the 5-year historical average is 95%. For the first time this season, the USDA estimated that 8% of soybeans are dropping leaves already. Last year, 3% were dropping leaves by this week in August while the 5-year historical average is 7%.

Spring wheat harvest is still slightly behind historical averages with 69% of the harvest complete so far, while 53% had been harvested by last week. The 5-year historical average is that 75% of the spring wheat crop has been harvested by this week in August.

Corn prices increased 2.0% over the past week ending at $4.25 per bushel, soybeans were up 1.1% to $10.18 per bushel, and wheat ended the week down 3.1%, closing at $6.71 per bushel. Year-over-year corn prices are up 30.4%, soybeans are down 8.1%, and wheat is up 42.5%.

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