This afternoon, USDA released its weekly crop report and overall crop conditions continue to deteriorate as weather in various ag regions remains tough on yields.

The agency reported 52% of the corn crop is in "good" or "excellent" condition, down from last week's 54%, as well as last year's 69%. Soybeans

While prices for corn, soybeans and wheat all declined last week, they all remain above historical levels.

Corn prices declined 1% last week, but are 65% above year-ago levels, while soybean prices were off 2% last week, but are up 35% year-over-yar. Wheat prices declined 5% over the past week, but are up 2% year-over-year.

Crop Progress

 

Current Week
(Sept. 6)

 Last Year 5-Year Avg.
Corn (% Mature 18% 31% 20%
Soybeans (% Dropping Leaves) 6% 17% 13%
Spring Wheat (% Harvested) 68% 74% 39%
Winter Wheat (% Harvested) N/A N/A N/A

Percent of Crop in "Good" or "Excellent" Condition

  Current Week
(Aug. 1)		 Last Year 5-Year Avg.
Corn (% Mature 52% 54% 69%
Soybeans (% Dropping Leaves) 56% 57% 64%
Spring Wheat (% Harvested) N/A N/A N/A
Winter Wheat (% Harvested) N/A N/A N/A