Earlier today, USDA reported 62% of the corn crop is in “good” or “excellent” condition, the same as last week’s 62%, but below last year’s 71%. Crops in the key Corn Belt states of Mo., Ill., Ind., Iowa and Ky. saw the biggest declines in condition from last week.

The soybean crop saw some deterioration in conditions from last week and last year. About 60% of soybeans were rated as in “good” or “excellent” condition vs. 62% in the previous week and 71% last year at this time.

Corn prices rose 5% last week and are 74% above year-ago levels, while soybean prices declined less than 1% last week, but are up 29% year-over-year. Wheat prices were 2% lower over the past week and are down 2% year-over-year.

Planting Progress

 (Current Week — August 1 … Last Year … 5-Year Avg.)

Corn (% Dented)                  … 4% … 6% … 5%

Soybeans (% Setting Pods) … 34% … 50% … 45%

Spring Wheat (% Headed)   … 90% … 97% … 98%

Winter Wheat (% Harvested) … 81% … 83% … 86%

Percent of Crop in “Good” or “Excellent” Condition 

(Current Week August 1 … Last Year … 5-Year Avg.)

Corn              … 62% … 62% … 71%

Soybeans       … 60% … 62% … 66%

Spring Wheat … 70% … 74% … 82%

Winter Wheat  … N/A … N/A … N/A