Wet weather over the past week slowed an already lagging harvest. Corn conditions continue to improve modestly despite the weather. Soybean harvest is almost finished which means corn will soon have the full attention of analysts, farmers, and combines in the coming weeks.
As of October 27, 2013, 13% of the corn crop was in poor or very poor condition, a decrease of 1% from last week. Corn in good or excellent condition was 62%, compared to 60% a week ago. Corn that has been harvested was at 59%, behind the five year average of 62%.
A total of 77% of the soybean crop has been harvested, in line with the five year average.
Winter wheat planted as of October 27, 2013 was 86%, slightly above the five year average of 85%. A total of 65% of the winter wheat crop has emerged, 1% above the five year average. Winter wheat in poor or very poor condition was unchanged from last week at 4%. Winter wheat in good or excellent condition decreased by 4% to 61%.
December futures for corn ended the week at $4.30 per bushel, a 3.2% decrease from last week. November soybeans ended the week at $12.71, a 2.5% decrease from last week. December wheat ended the week at $6.81, a 2.6% decrease from last week. Year to year corn prices are down 43.1%, soybeans are down 17.8%, and wheat is down 21.2%.
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