Earlier today, USDA reported 60% of the corn crop is in "good" or "excellent" condition, which is below last week’s 62% and last year’s 71%.
Condition of the soybean crop edged up to 61% “good” or “excellent” vs. last week’s 60%, but remains below last year’s 66%.
Corn prices declined 1% last week, but are 68% above year-ago levels, while soybean prices declined 4% last week, but are up 25% year-over-year. Wheat prices were 3% lower over the past week and are down 8% year-over-year.
Planting Progress
(Current Week — August 8 … Last Year … 5-Year Avg.)
Corn (% Dented) … 7% … 14% … 10%
Soybeans (% Setting Pods) … 51% … 69% … 63%
Spring Wheat (% Harvested) … 6% … 17% … 24%
Winter Wheat (% Harvested) … 85% … 87% … 91%
Percent of Crop in “Good” or “Excellent” Condition
(Current Week August 1 … Last Year … 5-Year Avg.)
Corn … 60% … 62% … 71%
Soybeans … 61% … 60% … 66%
Spring Wheat … 66% … 70% … 82%
Winter Wheat … N/A … N/A … N/A
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