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Crop Progress: Corn and Soybean Harvest Nearing Completion

This afternoon, the USDA released its weekly crop progress report. The corn harvest is 87% complete, which is well ahead of the 73% 5-year historical average, but behind last year's 95% harvested for the first week of November.

Of the 18 primary soybean producing states, 92% of soybeans were harvested by the first week of November. Last year at this time 98% of soybeans had been harvested and the 5-year historical average is 88% harvested.

The winter wheat planting progress is at 94%, which is slightly ahead of the 5-year average of 92% and slightly behind last year's progress of 95%. Winter wheat emergence is at 76%, down from the 5-year average of 79% emerged. Winter wheat in poor or very poor condition is at 15%, a 2% decrease from last year at this time. Winter wheat in good or excellent condition is at 49%, a 4% decrease from last year at this time.

Corn prices increased by 0.93% over the past week ending at $6.53 per bushel, soybeans were down 1.24% to $11.92 per bushel, and wheat ended the week up 1.59% closing at $6.38 per bushel. Year-over-year corn prices are up 11.62%, soybeans are down 5.70%, and wheat is down 13.32%.

This is our last crop progress report for the 2011 year. We are looking forward to a productive winter and have an optimistic outlook for 2012.


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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.