Crop Progress: U.S. Corn Harvest 69% Complete

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

The 2012 U.S. corn harvest might be done and in the books by the end of October. Farmers took advantage of early planting and dry weather to accelerate the 2012 harvest.

As of October 9, 2012 the U.S. has harvested 69% of the corn crop, compared to the five-year average of only 28%. Almost all the U.S. corn has matured, 97%, outpacing the five-year average of 84%. Corn prices decreased by 1.9% over the past week ending at $7.42 per bushel and year-over-year prices have increased by 22.6%.

Soybean conditions were at 32% in very poor or poor condition compared to 16% a year earlier. Soybeans in good or excellent condition were at 37%, a 19% decline from one year prior. 93% of this year's soybean crop have already dropped leaves, only 86% had dropped their leaves at the same time last year. Soybean prices decreased by 0.6% over the past week ending at $15.50 per bushel and year-over-year prices increased by 31.7%.

Winter wheat planting has progressed to 57% planted in the U.S., compared to the five-year average of 59%. 23% of the winter wheat has already emerged, in line with last year at this time, 24%. Wheat prices ended the week at $8.64 per bushel, a 2.3% decrease from last week. Year-over-year wheat prices have increased 41.4%.

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.