December Corn CBOT Review - 10/15/07

December corn on the CBOT settled 11 cents higher today to $3.62 per bushel. Majority of the rally was due to the substantial gain in crude oil prices. In the afternoon, the USDA released its weekly crop progress report announcing that 53% of the U.S. corn crop has been harvested which met analyst expectations. However, rainy conditions are expected in the Midwest over the next several days which may delay harvest activity.

USDA Crop Progress Report 
Corn:  Percent Harvested:
--------------------------------------
     
:      Week Ending      :
     
:-----------------------: 2002-
State:Oct 14,:Oct 7, :Oct 14,: 2006
     
: 2007  : 2007  : 2006  : Avg.
--------------------------------------
     
:            Percent
     
:
CO    :  37      29      21      25
IL    :  81      76      60      61
IN    :  58      44      27      37
IA    :  37      22      29      29
KS    :  83      69      79      78
KY    :  96      90      80      84
MI    :  26      21      13      20
MN    :  47      25      25      24
MO    :  83      81      87      82
NE    :  37      28      25      31
NC    :  95      94      91      90
ND    :  27      13      29      21
OH    :  24      16      13      21
PA    :  41      30      41      46
SD    :  36      22      22      25
TN    :  99      99      96      94
TX    :  99      91      93      90
WI    :  29      21      17      20
     
:
18 Sts:  53      42      39      41

 

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