The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Favorable harvest weather across much of the Corn Belt has helped promote efficient harvest over the past week. To date in 2012, farmers have harvested 38% more corn than the five-year historical average.
As of October 22, 2012 the U.S. has harvested 87% of the corn crop, compared to the five-year average of only 49%. 11 of the 18 primary corn producing states are currently at over 90% harvested. Corn prices increased by 3.3% over the past week ending at $7.61 per bushel and year-over-year prices have increased by 17.3%.
The USDA estimated that 80% of all U.S. soybeans had been harvested as of the fourth week in October. The five-year average is only 69% of soybeans harvested. Soybean prices increased by 3.6% over the past week ending at $15.46 per bushel and year-over-year prices increased by 27.6%.
Winter wheat planting is still on pace with the five-year average at 81% complete this week. Emergence of winter wheat is slightly behind historical averages with 49% currently emerged compared to the five-year average of 56%. Wheat prices ended the week at $8.78 per bushel, a 3.5% increase from last week. Year-over-year wheat prices have increased 38.9%.
For daily articles on farmland and agriculture, visit www.farmlandforecast.com.
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