The USDA released their Crop Progress report Monday and indicated harvest for corn and soybeans is almost complete. The WASDE report will be released on Friday and we look forward to yield and production estimates.
As of November 5, 2012 the U.S. has harvested 95% of the corn crop, compared to the five-year average of only 71%. Corn prices decreased by 2.8% over the past week ending at $7.35 per bushel, but year-over-year prices have increased by 12.6%.
Soybean harvest is 93% complete, compared to 91% at the same time last year. Soybean prices decreased by 2.8% over the past week ending at $15.04 per bushel, but year-over-year prices increased by 26.2%.
Winter wheat planting has progressed to the same percentage as last year at this time; 92%. 73% of the winter wheat has emerged. Winter wheat in very poor or poor condition was 19%, a 5% increase from last year. Winter wheat in good or excellent condition was 39%, a 10% decrease from a year prior. Wheat prices ended the week at $8.66 per bushel, a 0.2% increase from last week. Year-over-year wheat prices have increased 35.7%.