Yesterday, USDA released its weekly Crop Progress report that showed that the lack of rain throughout most major agricultural regions continue to negatively impact U.S. crops. For the eighth consecutive week, USDA said that the condition of the U.S. corn crop was worse than it was during the previous week.

According to USDA, only 24% of the corn crop is in “good” or “excellent” condition, below last week’s 26% and last year’s 62%. Condition of the U.S. soybean crop weren’t too much better than corn, with 29% in “good” or “excellent” condition vs. last week’s 31% and a last year’s 60%.

The pricing on corn, soybeans and wheat continue to rise on weather concerns. Corn, soybean and wheat futures traded higher last week, as corn futures rose another 1% while soybeans and wheat rose 2% and 0.2%, respectively. Corn, soybean and wheat prices are now 20%, 27% and 35% above year-ago levels, respectively.

U.S. Crop Progress — July 30, 2012

 

 

 Current Week Last Year Five-Year Average
Corn (% silking) 37% 15% 17%
Soybeans (% blooming) 55% 29% 35%
Spring Wheat (% headed) 28% 1% 3%
Winter Wheat (% harvest) 85% 77% 81%
Percent of Crop in “Good” or “Excellent” Condition —
July 30, 2012

 

 Current Week Previous Week Five-Year Average
Corn 24% 26% 62%
Soybeans 29% 31% 60%
Spring Wheat 63% 60% 70%
Winter Wheat na na na