Crop Progress: Corn And Soybean Harvest Ahead Of 5-Year Average

by: T. Marc Schober

The USDA has released its weekly crop progress report. The corn harvest is 65% complete, which is ahead of the 51% 5-year historical average. USDA estimated 54% of the corn crop is in good or excellent condition, which is a 1% increase from last week. The estimate for corn condition in poor or very poor condition is the same as last week at 19%.

Of the 18 primary soybean producing states, 80% of soybeans were harvested by the fourth week in October. Last year at this time 91% of soybeans had been harvested and the 5-year historical average for week four of October is 71% harvested.

The winter wheat planting progress is at 82%, which is slightly behind the 5-year average of 84% and last year's progress of 87% for the fourth week of October. Winter wheat emergence is at 56%, down from the 5-year average of 63% emerged. Winter wheat in poor or very poor condition is at 16%, a 2% increase from last year at this time. Winter wheat in good or excellent condition is at 47%, same as last year in the fourth week of October.

Corn prices increased by 1.7% over the past week ending at $6.51 per bushel, soybeans were down 2.2% to $12.26 per bushel, and wheat ended the week up 2.9% closing at $6.42 per bushel. Year-over-year corn prices are up 14.6%, soybeans are up 0.7%, and wheat is down 4.7%.

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