September 18, 2013

The USDA said in its Crop Progress report that the 2013 corn harvest was 4% complete as of September 15 in the 18 major states, below the 2008-12 average of 10%.

The crop continued to make progress in its development but lagged several key five-year averages, continuing to show effects of late planting because of excessive rains in much of the Corn Belt earlier in the season.

The USDA said that as of September 15, 22% of the corn crop was mature, up from 9% the previous week, but well below the 41% five-year average for the date. A total of 81% of the crop in the 18 major states had dented as of September 15, down from the 86% five-year average but up sharply from 64% the previous week.

Compared to the previous week, the condition of the crop deteriorated slightly but remained much better than it was on the same date a year ago, when the nation's midsection was in the grips of a severe drought. The USDA said 53% of the crop was in good-to-excellent condition as of September 15, down from 54% good to excellent the previous week. A total of 18% of the crop was deemed very poor to poor, up a percentage point from 17% the previous week, the USDA said.

Due to an excessively wet spring, the soy crop, which, like corn, experienced late planting, continued to make progress in dropping leaves, although the progress lagged the five-year average significantly. Some market participants remained concerned that a possible early freeze may damage a soy crop that was being harvested a couple of weeks later than normal.

The USDA said 26% of the crop had dropped its leaves in the 18 major states, down from 35% as the five-year average. The percentage of the crop that had dropped its leaves as of September 15 ranged widely by state, with as little as 6% dropped in North Carolina to as much as 70% dropped in Louisiana. Only 7% of the crop had dropped its leaves in one of the top-producing states, Iowa, and only 13% had dropped in Illinois, another big soy producer, in the latest week.

According to the USDA, in the week ended September 15, the soy crop condition deteriorated modestly in the 18 major states where 50% of the crop was rated good to excellent, down from 52% the previous week, and 18% was very poor to poor, up from 16% the previous week.