Favorable harvest weather across much of the Corn Belt has helped promote efficient harvest over the past week. To date in 2012, farmers have harvested 38% more corn than the five-year historical average.
As of October 22, 2012 the U.S. has harvested 87% of the corn crop, compared to the five-year average of only 49%. 11 of the 18 primary corn producing states are currently at over 90% harvested. Corn prices increased by 3.3% over the past week ending at $7.61 per bushel and year-over-year prices have increased by 17.3%.
The USDA estimated that 80% of all U.S. soybeans had been harvested as of the fourth week in October. The five-year average is only 69% of soybeans harvested. Soybean prices increased by 3.6% over the past week ending at $15.46 per bushel and year-over-year prices increased by 27.6%.
Winter wheat planting is still on pace with the five-year average at 81% complete this week. Emergence of winter wheat is slightly behind historical averages with 49% currently emerged compared to the five-year average of 56%. Wheat prices ended the week at $8.78 per bushel, a 3.5% increase from last week. Year-over-year wheat prices have increased 38.9%.