Crop Progress: Crop Conditions Improve

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

Crop conditions improved for the first time in five weeks. Corn and soybean harvests are both behind their five year averages.

As of September 22, 2013, 16% of the corn crop was in poor or very poor condition, a 2% decrease from last week. Corn in good or excellent condition was 55%, a 2% increase from last week. Corn was 91% dented this week, behind the five-year average of 93%. Matured corn was at 40%, 15% behind the five year average. Corn that has been harvested was at 7%, behind last year's pace of 37%.

Soybean condition was 17% of the crop in poor or very poor condition, a 1% decrease from last week. Soybeans in good or excellent condition was 50%, unchanged from last week. Soybeans dropping leaves were at 47%, compared to 71% last year at this time. A total of 3% of the soybean crop has been harvested, 6% behind the five-year average.

Spring wheat was 93% harvested as of September 22, 2013, in line with the five year average.

December futures for corn ended the week at $4.53 per bushel, a 0.7% decline from last week. November soybeans ended the week at 13.07, a 3.0% decrease from last week, and December wheat ended the week at $6.53, a 1.9% increase from last week. Year to year corn prices are down 39.1%, soybeans are down 18.8%, and wheat is down 26.8%.

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.