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RSSU.S. Crop Conditions Take
Another Hit from Weather
July 10, 2012 — Yesterday, USDA reported that for the fifth week in a row, and the sixth of last seven weeks, the condition of the U.S. corn crop deteriorated further.
In its weekly report, USDA said only 40% of the corn crop is in “good” or “excellent” condition, an 8% dropoff from the previous week and way behind last year’s 69%. The condition of soybeans for this date also slipped with only 40% in “good” or “excellent” condition vs. 45% last week and 66% on this date last year.
In a note to investors, Henry Kirn, machinery analyst for UBS Investment Research, said, “On crop condition concerns, nearest corn futures rose 12% last week, while soybeans and wheat rose 9% and 7%, respectively. Corn, soybean and wheat prices are now 14%, 23% and 27% above year-ago levels, respectively.”
| U.S. Crop Progress — July 2, 2012 | |||
| Current Week | Last Year | Five-Year Average |
|
| Corn (% silking) | 50% | 11% | 19% |
| Soybeans (% blooming) | 44% | 17% | 25% |
| Spring Wheat (% headed) | 88% | 24% | 55% |
| Winter Wheat (% harvest) | 75% | 58% | 56% |
| Percent of Crop in “Good” or “Excellent” Condition — July 2, 2012 |
|||
| Current Week | Last Year | Five-Year Average |
|
| Corn | 40% | 48% | 69% |
| Soybeans | 40% | 45% | 66% |
| Spring Wheat | 66% | 71% | 73% |
| Winter Wheat | na | na | na |
