Crop Progress: Drier Weather Needed In The Corn Belt

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

Weather in the major corn producing states remains wet and only 4% of the corn crop has been planted as of April 22, 2013. This compares to 26% planted last year at this time and the five year average of 16%. Nebraska and Iowa have yet to plant 1% of their corn crop.

Winter wheat conditions are dismal as 33% of the crop is in bad or very bad condition compared to only 10% at the same time last year. Winter wheat in good or excellent condition is 35%, where last year it stood at 63%. Last year at this time 42% of winter wheat had headed, but only 8% has headed this year.

Corn prices decreased by 0.2% over the past week ending at $6.45 per bushel, soybean prices increased by 1.6% over the past week ending at $14.17 per bushel, and wheat prices ended the week at $7.02 per bushel, a 1.3% increase from last week. Year-over-year corn prices are up 3.7%, soybeans are down 2.0%, and wheat is up 12.3%.

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.