Crop Progress: An Early End To Harvest

Includes: CORN, SOYB, WEAT
by: T. Marc Schober

The USDA released their Crop Progress report Tuesday indicating corn harvest is complete with soybean harvest close behind. This marks the end of our coverage for the 2012 Crop Progress. For continued coverage visit here.

As of November 12, 2012 the U.S. soybean harvest is 96% complete, compared to the five-year average of 93%. Winter wheat emerged is at 79%, trailing last year's progression of 81%. Winter wheat in very poor or poor condition was 22%, an 8% increase from last year. Winter wheat in good or excellent condition was 36%, a 14% decrease from a year prior.

Corn prices decreased by 1.6% over the past week ending at $7.23 per bushel, but year-over-year prices have increased by 14.2%. Soybean prices decreased by 5.1% over the past week ending at $15.04 per bushel, but year-over-year prices increased by 21.8%. Wheat prices ended the week at $8.51 per bushel, a 1.7% decline from last week. Year-over-year wheat prices have increased 38.4%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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