Crop Progress: Harvest Speeding Along
Oct 26, 2010
Yesterday afternoon, the USDA released its weekly crop progress report. Harvest has been moving along very steadily for corn, soybeans, and most of the other fall crops. Corn harvest is 83% complete while the 5-year historical average is only 49%. Harvest is more than two weeks ahead of the historical averages for corn. By this point in 2009, only 20% of the corn harvest was done. Farmers have been able to harvest quickly due to the dry weather that has been present across much of the Corn Belt throughout the past few weeks.
Of the 18 primary soybean producing states, the USDA estimated that 91% of the soybean crop had been harvested. Last week it was estimated that 83% was harvested, while the 5-year historical average is 72% harvested by this point in the year.
The sugarbeet harvest is 11% further along than its 5-year historical average, with 86% of the harvest complete already. Cotton harvest is also moving along quickly with 53% of the harvest complete while the 5-year historical average is only 36%.
The 2011 winter wheat crop moved ahead of the historical average with 88% planted by this week. The 5-year historical average is 84% planted by this week in October. The winter wheat crop is emerging on schedule. Both the 5-year historical average and USDA weekly estimate are 64% of the crop emerging this week.
Corn prices were up 2.1% over the past week ending at $5.68 per bushel, soybeans were also up 2.8% to $12.17 per bushel, and wheat ended the week down 2.3%, closing at $6.74 per bushel. Year-over-year corn prices are up 53.4%, soybeans are up 25.1%, and wheat is up 33.9%.
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