Earlier today, USDA reported 60% of the corn crop is in "good" or "excellent" condition, which is below last week’s 62% and last year’s 71%.

Condition of the soybean crop edged up to 61% “good” or “excellent” vs. last week’s 60%, but remains below last year’s 66%.

Corn prices declined 1% last week, but are 68% above year-ago levels, while soybean prices declined 4% last week, but are up 25% year-over-year. Wheat prices were 3% lower over the past week and are down 8% year-over-year.

 Planting Progress

 (Current Week — August 8 … Last Year … 5-Year Avg.)

Corn (% Dented)                  … 7% … 14% … 10%

Soybeans (% Setting Pods) … 51% … 69% … 63%

Spring Wheat (% Harvested)   … 6% … 17% … 24%

Winter Wheat (% Harvested) … 85% … 87% … 91%

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

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

Corn              … 60% … 62% … 71%

Soybeans       … 61% … 60% … 66%

Spring Wheat … 66% … 70% … 82%

Winter Wheat  … N/A … N/A … N/A