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