Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Corn Conditions Continue to Deteriorate
Sep 27, 2010
This afternoon, the USDA released its weekly crop progress report. The corn crop condition deteriorated by two percent over the past week, and now has 3% more of the crop classified as poor or very poor compared to last year’s data. The soybean crop condition remained the same at 63% good or excellent compared to last week’s report.
The USDA estimated 66% of the corn crop is in good or excellent condition, while 13% is in poor or very poor condition. During this week in 2009, 68% of the crop was in good or excellent condition and 10% was in poor or very poor condition.
This week the USDA estimated that 85% of the corn crop was considered mature this week, 69% was mature last week, and the 5-year historical average is 65% in the last week of September.
Of the 18 primary soybean producing states, 13% of the soybean crop is in poor or very poor condition while 63% is in good or excellent condition. The USDA estimated that 77% of soybeans were dropping leaves by this week. Last week it was estimated that 60% were dropping leaves, while the 5-year historical average is 72% in the last week of September.
The spring wheat harvest remains about one week behind historical averages with 89% of the harvest complete so far, while 87% had been harvested by last week. The 5-year historical average is that 98% of the spring wheat crop has been harvested by this week in September.
Corn prices increased 1% over the past week ending at $5.13 per bushel, soybeans were up 4% to $11.29 per bushel, and wheat ended the week down 3%, closing at $7.07 per bushel. Year-over-year corn prices are up 51%, soybeans are up 23%, and wheat is up 55%.
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