Yesterday, USDA reported 62% of the corn crop is in "good" or "excellent" condition, up from last week's 60%. No year-ago comparison is available this week, as USDA stopped reporting corn crop condition by this time last year. Roughly 59% of the corn crop is now harvested, just below the 62% 5 year average, and way behind last year's 91%.
For the 18 states that planted 95% of last year’s U.S. soybean acreage, roughly 77% of the crop is harvested. This is in line with the 5 year average of 77%, but lower than last year’s 86%.
USDA reported 61% of the winter wheat crop is in "good" or "excellent" condition, slightly worse than the 65% last week, but better than the 40% last year. About 65% of the winter wheat crop is now emerged, slightly ahead of the 64% pace averaged over the last 5 years, and ahead of last year's 61%.
December futures for corn ended the week at $4.30 per bushel, a 3.2% decline from last week. November soybeans ended at $12.71, a 2.5% drop from the previous week. December wheat ended the week at $6.81, 2.6% lower vs. last week. Year-over-year corn prices are down 43.1%, soybeans are down 17.8%, and wheat is down 21.2%.
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