Crop Progress: Corn Harvest One Week Ahead of Schedule

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Includes: CORN, DBA, JJGTF, MOO
by: T. Marc Schober

Yesterday, the USDA released its weekly crop progress report. The corn crop condition deteriorated by one percent over the past week, and now has 3% more of the crop classified as poor or very poor compared to last year’s data. The soybean crop condition also deteriorated by 1% compared to last week’s report. The USDA estimated 68% of the corn crop is in good or excellent condition, while 12% is in poor or very poor condition. During this week in 2009, 69% of the crop was in good or excellent condition and 9% was in poor or very poor condition.

This week the USDA estimated that 93% of the corn crop was dented while 86% was last year in the second week of September, and the 5-year historical average is 83%. Out of the entire corn crop, 52% was considered mature by the USDA this week, 33% was mature last week, and the 5-year historical average is 32% in the second week in September.

Of the 18 primary soybean producing states, 13% of the soybean crop is in poor or very poor condition while 63% is in good or excellent condition, which is a 1% change from good or excellent to poor or very poor from last week. The USDA estimated that 38% of soybeans were dropping leaves by this week. Last week it was estimated that 19% were dropping leaves, while the 5-year historical average is 30% in the second week in September.

The spring wheat harvest remains about one week behind historical averages with 83% of the harvest complete so far, while 76% had been harvested by last week. The 5-year historical average is that 91% of the spring wheat crop has been harvested by this week in September. Sugarbeet harvest began this past week for many farmers as 8% of the crop was harvested. The 5-year historical average is 3% harvested by this week in September.

Corn prices increased 4.3% over the past week ending at $4.69 per bushel, soybeans were down 0.4% to $10.25 per bushel, and wheat ended the week up 0.8%, closing at $7.13 per bushel. Year-over-year corn prices are up 53.9%, soybeans are up 10.8%, and wheat is up 65.6%.

Disclosure: No positions