(Posted Tue. Oct 1st, 2013)
Sept. 30: Corn quality remains strong while harvest progress continues to lag according to a U.S. Department of Agriculture report released today. With 55 percent of the crop in good or excellent condition, 63 percent of the crop had reached full maturity and 12 percent of all corn acres had been harvested by September 29.
“As combines roll in many parts of the country, yield and quality reports continue to emerge,” said National Corn Growers Association President Pam Johnson. “The anecdotal evidence suggests a more robust crop than some had predicted in rural America, but it is important to note that these instances may not be representative. A full, accurate view of the overall U.S. corn crop will not become evident until harvest progress accelerates.”
Harvest has finally begun in all of the top 18 corn-producing states but progress has been slow over the past week with only a five point increase in harvested acres. While harvest progress trails 40 points behind this week in 2012, crop quality remains far superior with a full 30 points more listed in good or excellent condition. Harvest progress now trails the five-year average by 11 points with the gap increasing by two points since Sept. 22.
The corn condition remained largely unchanged from the prior week’s forecast with 14 percent of the crop reported to be in excellent condition and 41 percent in good condition.
While old corn crop stocks remain down 17 percent from September of 2012, corn carry-out projections sit 163 million bushels higher than forecasts showed earlier this month according to another report released by USDA this morning. Should current forecast of a 824 million bushel old corn crop stock hold and WASDE production and demand forecasts also hold, U.S. corn carry-out may break the two billion bushel threshold in marketing year 2013-2014.