Today, USDA reported that corn conditions improved for the first time in 5 weeks and yield numbers are coming in better than expected. As of September 22, 2013, corn in “good” or “excellent” condition was 55%, a 2% increase from last week. The agency estimated that 16% of the corn crop was in “poor” or “very poor” condition, a 2% decrease from last week. Corn was 91% dented this week, behind the 5 year average of 93%. Matured corn was at 40%, 15% behind the 5 year average. Corn that has been harvested was at 7%, behind last year's pace of 37%.
For the soybeans, 50% of the crop was in “good” or “excellent” condition, which was unchanged from last week. USDA estimates that 17% of the soybean crop is in “poor” or “very poor” condition, a 1% decrease from last week. The agency estimates that 47% of soybeans are dropping leaves. This compares to 71% last year at this time. A total of 3% of the soybean crop has been harvested, 6% behind the 5 year average.
Spring wheat was 93% harvested as of September 22, 2013, in line with the 5 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% decline from last week, and wheat ended the week at $6.53, a 1.9% increase. Year-to-year corn prices are down 39.1%, soybeans are down 18.8%, and wheat is down 26.8%.