Corn: Acreage at or beyond the mature stage advanced to 94 percent, 4 points behind last year and 5 points behind the 5-year average. The most significant delay was evident in North Dakota where crop maturity was 34 points, or over 1 month behind normal. Producers had harvested 25 percent of the Nation’s crop by week’s end, 28 points behind last year and 46 points, or 1 month, behind the average. Harvest delays of 3 weeks or more were evident in the 6 largest corn-producing States, with progress in Illinois over 5 weeks behind normal. Overall, 67 percent of the corn crop was reported in good to excellent condition, down 2 points from ratings last week but 3 points better than last year. Conditions in unharvested corn fields throughout the Great Plains, Corn Belt, and Great Lakes continued to deteriorate as reports of unfavorably
high moisture levels and mold were reported.
Net income for the third quarter totaled $49.7 million, compared with $37.8 million in the prior year's third quarter, an increase of 32%. Solid operating income growth at Fresh Dairy Direct and WhiteWave-Morningstar and lower interest expense offset increases in Corporate and Other expenses to drive 43% growth in adjusted net income for the third quarter to $62.2 million, up from $43.5 million in the third quarter of 2008. Due to lower average debt balances, interest expense in the quarter totaled $59.5 million, compared to $74.7 million in the third quarter of 2008.
