P - Production and Crop Reports (October31, 2011)
A soggy fall is slowing down this year's harvest of corn and soybeans, after a rainy spring delayed planting for many local farmers.
Statewide, about 64 percent of the state's soybean crop was harvested as of Oct. 23, down slightly from the five-year average of 66 percent. Soybean production is expected to be down in both states but not as low as initially expected.
Corn and Wheat
USDA weekly crop progress report states that more than ¾ of the nation’s corn has been harvested as of Oct. 30 and only a little bit more than 10% of the yield is left in the field. Percentage of harvested yield increased to 78% from 68% of last week.
Improved corn yields in Ukraine and in the EU are increasing world supply. These two regions are competing against US corn for exports, hence we expect prices to go down
Because corn and wheat are production substitutes, and wheat prices have been less than corn, farmers in the US. are planting less acreage for wheat. Also, Egypt (world's largest importer of wheat) bought Ukraine wheat for the first time since 2008. Each article provides an opposite direction for prices.