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Crop Conditions Continue to Slip as Harvest Draws Near

September 9, 2013

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%.