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Market Commentary

Afternoon Comments 05/17


The equity and U.S. dollar markets proved quite strong again Friday, but commodity traders seemed to pay more attention to the negative demand aspects of the greenback rally than to the economic strength implied by stock gains. As for corn, persistent old crop tightness continued supporting nearby futures, while optimism about plantings this week weighed upon deferreds. July corn surged 11.25 cents to $6.5275/bushel in Friday trading, while December dipped 4.5 cents to $5.195.
Market Info

Corn harvest progresses to 65 percent

Angela Bowman  |   October 26, 2011
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The end of the 2011 corn harvest season is quickly approaching according to the USDA’s latest Crop Progress report. Sixty-five percent of corn has now been harvested in the nation’s top 18 producing states, which is 14 percentage points above the five-year average but still well below last year’s pace. The report also showed little change crop conditions from last week’s report.

Harvest Update

The report showed 65 percent of corn harvested, compared to 47 percent last week and the five-year average of 51 percent. Though the pace has picked up thanks to ideal conditions across much of the Plains and the Corn Belt, the national average is still 16 percentage points below last year’s report.

North Carolina saw 97 percent of corn harvest, the highest percentage reported. Tennessee and Texas aren’t far behind as each reported 95 percent of corn now harvested.

As has been the trend for much of the year, Ohio continues to lag behind the other states. Just 14 percent of Ohio’s corn has been harvested. Michigan and Pennsylvania also reported lower percentages with 20 and 31 percent of corn harvested.

Crop Conditions

Conditions this week once again leveled off, changing only by a 1 percentage point:

 

Very Poor

Poor

Fair

Good

Excellent

Current Week

7

12

27

42

12

Last Week

7

12

28

41

12

Last Year

(NA)

(NA)

(NA)

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Wisconsin and Nebraska once again had the best conditions of the week with 79 and 78 percent of corn in “good” to “excellent” condition. Other states with high percentages of corn in “good” to “excellent” condition included South Dakota (72 percent), Michigan (65 percent), Iowa (59 percent) and Tennessee (59 percent).

Texas continued to have the worst rated corn in the country with 68 percent in “very poor” to “poor” condition. North Carolina (53 percent), Kansas (48 percent), and Missouri (44 percent) also reported high percentages of struggling corn fields.

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