Yesterday, USDA issued its weekly crop progress report, and besides harvests being somewhat behind the 5-year average, there were no surprises to indicate anything but a big year for production.
With 74% of corn rated either “good” (50%) or “excellent” (24%), it is well above last year’s 60% rating when 43% was rated in “good” and 17% “excellent” condition. As of this past Sunday, 31% of the U.S. corn crop was harvested, up 7% from the previous week, but down from the 5-year average of 53%.
Soybeans are in a similar position with 73% rated “good” (53%) or “excellent” (20%). According to USDA, as of October 19, 53% of soybeans had been harvested. This compares with 61% a year ago and the 5-year average of 66%.
Some 56% of winter wheat had emerged by last Sunday. This compares with the 5-year average of 50%.
On a year-over-year basis, corn prices are down 21.6%, soybeans are down 27.6% and wheat is down 26.6%.