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Yesterday afternoon, the USDA released its weekly crop progress report. The corn harvest is 33% complete which is on pace with the 33% 5-year historical average. USDA estimated 53% of the corn crop is in good or excellent condition which is up 1% from last week. The estimate for corn condition in poor or very poor condition is 19% compared to 20% last week. Last year at this time, 11% of the crop was in poor or very poor condition while 68% was in good or excellent condition.

Out of the entire corn crop, 89% was considered mature by the USDA this week, 79% was mature last week, and 97% was mature last year at this point. Corn maturity is on pace with the 5-year historical average of 88%.

Of the 18 primary soybean producing states, 16% of the soybean crop is in poor or very poor condition while 56% is in good or excellent condition, which is off 2010 estimates of 12% and 64% for the second week of October. The USDA estimated that 90% of soybeans were dropping leaves by this week, which is on pace with the 5-year historical average of 92% for the second week of October.

The winter wheat planting progress is at 59% which is behind the 5-year average of 67% and last year's progress of 69% for the second week of October. Winter wheat emerged is at 28%, down from the 5-year average of 38% emerged.

Corn prices increased by 9.0% over the past week ending at $6.45 per bushel, soybeans were up 4.9% to $12.45 per bushel, and wheat ended the week up 6.6% closing at $6.60 per bushel. Year-over-year corn prices are up 16.2%, soybeans are up 7.2%, and wheat is down 6.9%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Crop Progress: Corn Harvest On Schedule