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%.
Read more about agriculture and farmland at http://farmlandforecast.colvin-co.com.
Hog & Corn Comments: 09/27/2010 – Corn fails to close above resistance again
Cattle higher, Box beef/ Hogs firm; proformance very strong