Yesterday, USDA reported 60% of the corn crop is in “good” or “excellent” condition. This matches last week’s 60%, but remains below last year’s 69%.
The condition of the soybean crop also stayed even with last week’s report, as 61% of the crop is rated as “good” or “excellent.
Corn prices increased 5% last week and are 74% above year-ago levels, while soybean prices rose 3% last week and are up 30% year-over-year. Wheat prices were 9% higher over the past week and are up 7% year-over-year.
Crop Progress
(Current Week — August 15 … Last Year … 5-Year Avg.)
Corn (% Dented) … 17% … 30% … 21%
Soybeans (% Setting Pods) … 70% … 82% … 78%
Spring Wheat (% Harvested) … 13% … 31% … 39%
Winter Wheat (% Harvested) … 91% … 90% … 94%
Percent of Crop in “Good” or “Excellent” Condition
(Current Week August 1 … Last Year … 5-Year Avg.)
Corn … 60% … 60% … 69%
Soybeans … 61% … 61% … 66%
Spring Wheat … 66% … 66% … 82%
Winter Wheat … N/A … N/A … N/A