Crop Progress: Corn Conditions Improve As Harvest Progresses

Includes: CORN
by: T. Marc Schober

Corn conditions improved this week by 2% as corn harvest progressed well ahead of historical averages. Favorable harvest weather over the past week in the Corn Belt has put downward pressure on grain prices.

As of September 16, 2012, USDA estimated corn conditions improved with 24% of the crop in good or excellent condition, yet a 27% decline from last year at the same time. Harvest is well underway with 26% of the entire U.S. corn crop already harvested compared to 15% last week and the five-year average of only 9%. 76% of the corn crop was mature compared to the five-year average of only 41% this week. Corn prices decreased by 4.2% over the past week ending at $7.48 per bushel and year-over-year prices have increased by 8.1%.

Soybean conditions were at 36% in very poor or poor condition and 33% in good or excellent compared to 18% and 53%, respectively, one year earlier. 57% of soybeans have dropped leaves compared to the five-year average of 37% at the same time last year. As of the third week in September, 10% of soybeans have already been harvested in the U.S. compared to the five-year average of 4%. Soybean prices decreased by 2.6% over the past week ending at $16.69 per bushel and year-over-year prices increased by 23.2%.

Winter wheat planting has been slightly behind schedule as 11% has already been planted compared to 4% last week and historically 14% by the third week in September. Wheat prices ended the week at $8.78 per bushel, a 1.2% increase from last week. Year-over-year wheat prices have increased 27.6%.

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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.