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SMF Blogs > October 2008 > USDA issues weekly crop progress planting report

USDA issues weekly crop progress planting report

USDA issues weekly crop progress planting report


USDA released its weekly crop progress report for the week ended Oct 12th, which provides data for the fourth week of how much corn we have harvested vs last week and vs last year and the USDA's figures show that we remain well behind.

Corn harvest was reported at 21%, vs 14% in the last week, vs 50% in the prior year and vs the 5-yr avg of 41%. Soybeans harvested was reported at 51%, vs 31% last week, vs 61% in the prior year and vs the 5-yr avg of 61%. Also in the report that is very important is the condition of the current corn crop: 15% of the corn is in excellent shape (14% last week), 47% good (47% last week), 25% fair (26% last week), 9% poor (9% last week) and 4% very poor (4% last week).

This compares to the prior year of 19% excellent, 46% good, 23% fair, 8% poor, and 4% very poor. This week, corn that is in excellent to good condition is 63%, higher from last weeks; 62%, and the prior year of 65%... In soybeans: 12% of the soybeans are in excellent shape (12% last week), 45% good (45% last week), 29% fair (29% last week), 10% poor (10% last week) and 4% very poor (4% last week).

This week, soybeans that are in excellent to good condition are 57% vs the prior week of 57%... Other important figures include the corn crop maturity, which remains behind. This will likely remain behind, boosting frost risk, which is bullish for corn prices. Corn matured is at 86% vs last week's 73%, the prior year of 97% and vs the 5-yr avg of 95%.

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Posted: 10/14/2008 9:12:45 PM by Global Administrator | with 0 comments


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