USDA reported today that the decline in the condition of U.S. corn, soybeans and wheat continued to deteriorate through last week.
As of yesterday (September 8), 17% of the corn crop was in poor or very poor condition, a 1% increase from last week. According to the ag agency, 54% of the corn crop is in good or excellent condition, a 2% decline from the previous week.. Corn in the dough stage was 92%, compared to the 5-year average of 94%. Some 64% of the corn was dented as of this week, behind the 5-year average of 75%. Matured corn was at 9%, well behind the 5-year average of 28%.
The condition of U.S. soybeans also slipped somewhat as 16% of the crop was rated in poor or very poor condition, a 1% increase from last week. Soybeans in good or excellent condition were 52%, a 2% decrease from last week. About 11% of soybeans have begun to drop leaves compared to 34% last year at this time.
Spring wheat was 80% harvested as of September 8, compared to 97% a year ago.
Corn prices dropped 4.2% over the past week ending at $4.77 per bushel. Soybean prices decreased 2.2% ending at $14.04 per bushel. Wheat prices ended the week at $6.28 per bushel, a 1.3% decline from the previous week.
Compared to last year at this time, corn prices are down 38.9%, soybeans are down 18% and wheat is down 27.6%.