U.S. Harvest Nearing the Finish Line As Corn, Wheat Pricing Continues to Drop

The good news is that the 2013 harvest is in the homestretch. Today, USDA reported that as of November 17, 2013, 91% of corn has been harvested in the top 18 corn producing states. This is ahead of the 5 year average of 86%. At the same time, 95% of the soybean crop has been harvested, which is only one percentage point behind the 5 year average.

The bad news is December futures for corn ended the week at $4.12 per bushel, a 5.1% decrease from last week. December wheat ended the week at $6.42, a 0.6% decrease from last week. January soybeans closed the week at $12.87, down 1.1% for the week. Compared to one year ago, corn prices are down 44.2%, soybeans are down 8.3% and wheat is down 23.7%.