Harvest progression for two key grains, corn and soybeans, are ahead of their five-year-averages. A combination of early planting and dry hot weather allowed farmers to get into their fields earlier this year.
As of October 15, 2012 the U.S. has harvested 79% of the corn crop, compared to the five-year average of only 38%. Corn prices decreased by 0.7% over the past week ending at $7.37 per bushel and year-over-year prices have increased by 15.2%.
Almost all, 96%, of this year's soybean crop have dropped leaves. Soybean harvest is off to a fast start with 71% already harvested, compared to only 64% at the same time last year. Soybean prices decreased by 3.8% over the past week ending at $14.92 per bushel and year-over-year prices increased by 19.1%.
Winter wheat planting has progressed to 71%, in line with the five-year-average of 71%. 36% of the winter wheat has emerged, behind the five-year-average of 44%. Wheat prices ended the week at $8.48 per bushel, a 1.5% decrease from last week. Year-over-year wheat prices have increased 35.9%.