Yesterday, USDA reported that both U.S. corn and soybean crops are progressing well and continue ahead of their 5-year average in terms of development. The condition of both crops remains strong with good potential to produce record setting yields.

The agency reported that 56% of the corn crop was silking compared with 39% at this point last year and a 5-year average of 55%.

According to USDA, 19% of the soybean crop is setting pods vs. 7% on this date a year ago and the 5-year average of 17%. It also reported that 84% of spring wheat is headed compared to 74% in 2013 and 85% over the past 5 years.

As of Sunday, 75% of winter wheat had been harvested vs. 74% on the same date last year and the 5-year average of 75%.

The condition of the corn and soybean crop is well ahead of a year ago. As of July 20, USDA reports that 76% of U.S. corn is in “good” or “excellent” condition, the same as a week earlier, and much better than the 63% reported last year.

At 73% “good” or “excellent,” the condition of U.S. soybeans is slightly better than the 72% reported a year earlier and far ahead of the 64% 5-year average. The condition of spring wheat is rated at 70% “good” or “excellent,” the same as last year but slightly ahead of the 68% 5-year average.