USDA's crop progress report for the week ended August 22 reported 41% of corn dented, in line with the 41% reported dented in the same week last year. The 5-year average for corn dented in this week was 38%.
The condition of this year’s soybean crop was downgraded by 2 percentage points, while no change was registered for the corn crop as of Oct. 14, 2018, according to the latest Crop Progress report from USDA.
On Monday, USDA reported that as of May 7 47% of U.S. corn acres had been planted. This compares to 34% a week ago and 61% a year ago. It is just slightly below the 5-year average of 52% of corn acres planted for this date.
USDA's latest Crop Progress reports indicate that the overall picture for the corn and soybean crops continues to improve. As a result, the accuracy of the ag agency’s record-setting yield estimates could be right on the mark.
The progress and condition of the U.S. corn and soybean crops all point to a bumper harvest, but increasing temperatures throughout the major growing regions and drought conditions bear watching.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take a look at the Fed’s decision to hold interest rates and what to expect for the remainder of the year.
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