The condition of U.S. corn and soybean crop declined slightly last week, according to today’s USDA report.
The condition of the U.S. corn crop slipped slightly in the past week. As of September 15, 2013, 53% of the corn was in “good” or “excellent” condition, a drop of 1% from the previous week, according to USDA. At the other end of the condition spectrum, 18% of the corn crop was in “poor” or “very poor” condition, a 1% increase from last week. Corn was 81% dented this week vs. the 5 year average of 86%. About 22% of the corn is considered “mature,” while last year at this time 73% of the corn was rated as “mature.” Harvest started yesterday and 4% of the corn crop is in so far.
The soybean crop rated as in “good” or “excellent” condition was 50%, a 2% decrease from last week. Some 18% of the crop is in “poor” or “very poor” condition, a 3% increase from last week. Soybeans dropping leaves were at 26%, compared to 54% last year at this time.
Spring wheat was 90% harvested as of September 15, 2013, compared to 99% last year.
December futures for corn ended the week at $4.56 per bushel and wheat ended the week at $6.41. November futures for soybeans ended the week at $13.48 per bushel. Year-over-year corn prices are down 35.5%, soybeans are down 14.4%, and wheat is down 27.2%.