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RSSCondition of Corn, Soybean Crops Continue to Suffer
June 26, 2012 — Yesterday, USDA reported that the condition of the U.S. corn crop continues to deteriorate. This is the fourth or the last five weeks that the ag agency has said that the condition of the crop has worsened compared with the previous week and previous year.
In its weekly report, USDA said 56% of the corn crop is in “good” or “excellent” condition. This is below last week’s 63% and last year’s 68%. The condition of soybeans for this date also slipped with 53% in “good” or “excellent” condition vs. 56% last week and 65% last year.
“We believe investors expected a 2-3% decline in condition from last week, so the 7% drop could be bullish for corn [prices],” Henry Kirn, machinery analyst for UBS Investment Research said in a note. “On crop condition concerns, nearest corn futures rose 5% last week, while soybeans and wheat rose 7% and 14%, respectively. While corn prices remain down 5% year-over-year, it has recently closed the gap with last year, and soybeans and wheat are up 12% and 14% year-over-year.”
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U.S. Crop Progress — June 25, 2012 |
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Current Week |
Last Year |
Five-Year Average |
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Corn (% silking) |
10% |
2% |
3% |
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Soybeans (% blooming) |
12% |
2% |
4% |
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Spring Wheat (% headed) |
57% |
5% |
18% |
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Winter Wheat (% harvest) |
59% |
36% |
27% |
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Percent of Crop in “Good” or “Excellent” Condition — June 25, 2012 |
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Current Week |
Previous Week |
Last Year |
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Corn |
56% |
63% |
68% |
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Soybeans |
53% |
56% |
65% |
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Spring Wheat |
77% |
76% |
69% |
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Winter Wheat |
54% |
54% |
35% |
