November 13, 2023
USDA’s newest crop progress report, out Monday afternoon and covering the week through November 12, showed winter wheat crop quality taking an unexpected three-point drop. This season’s corn and soybean harvests are also nearing 100% completion and should be able to be totally wrapped up over the next couple of weeks.
The 2023 corn harvest is now 88% complete as of Sunday, up from 81% a week ago. Analysts were expecting to see a bit more progress, offering an average trade guess of 90% ahead of today’s report. That puts this year’s pace behind 2022’s mark of 92% but modestly ahead of the prior five-year average of 88%. The eastern Corn Belt has some of the biggest holdups so far, including Michigan (52%) and Pennsylvania (56%).
This year’s soybean harvest is now 95% complete, up from 91% in the prior week. That was slightly below the average trade guess of 96%. It’s also slightly behind 2022’s pace of 96% but still faster than the prior five-year average of 91%. North Carolina (61%) has the most progress yet to make among the top 18 production states.
Other regional crops also made some harvest progress last week, including:
Sorghum = 92% (up from 85% last week)
Cotton = 67% (up from 57% last week)
Peanuts = 87% (up from 79% last week)
Sunflowers = 68% (up from 53% last week)
Winter wheat plantings are now 93% complete, up from 90% a week ago. That’s identical to the prior five-year average but slightly behind last year’s pace of 95%. And 81% of the crop is now emerged, which is slightly ahead of the prior five-year average of 80%.
Quality ratings faded three points lower, with 47% of the crop now in good-to-excellent condition. Analysts were expecting to see ratings left unchanged, in contrast. Another 36% of the crop is rated fair (up three points from last week), with the remaining 17% rated poor or very poor (unchanged from last week).
Click here for more data from the latest UDSA crop progress report, including state-by-state pasture and range conditions.
Read more about:Crop Progress
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