U.S. farmers harvested 13% of the entire U.S. corn crop last week during favorable harvest conditions in the Corn Belt. Illinois has already harvested over half of their corn crop as of this week. Soybean harvest also progressed quickly with 22% of the entire crop already in the bins.
As of September 23, 2012 USDA estimated corn conditions remained unchanged with 24% of the crop in good or excellent condition, yet a 28% decline from last year at the same time. Harvest advanced week over week with 39% of the entire U.S. corn crop harvested compared to 26% last week and the five year average of only 13%. 88% of the U.S. corn crop was mature this week compared to only 58% last year at this point in the season. Corn prices decreased by 0.5% over the past week ending at $7.44 per bushel and year-over-year prices have increased by 14.8%.
Soybean conditions were at 34% in very poor or poor condition and 35% in good or excellent compared to 36% and 33% respectfully one week earlier. 73% of soybeans have dropped leaves compared to the five year average of 59% at the same time last year. As of the fourth week in September, 22% of U.S. soybeans have already been harvested compared to the five year average of only 8%. Soybean prices decreased by 3.5% over the past week ending at $16.10 per bushel and year-over-year prices increased by 27.9%.
Winter wheat planting progressed this week as 25% of the U.S. crop has already been planted, slightly behind the historical average of 27% by the fourth week in September. Wheat prices ended the week at $8.92 per bushel, a 1.6% increase from last week. Year-over-year wheat prices have increased 37.7%.