For the seventh consecutive week, USDA reported that the condition of the U.S. corn crop is worse than it was during the previous week.
In its weekly report, USDA said 26%, of the corn crop is in “good” or “excellent” condition, a 7% decline from last week and nearly one-third of what it was a year ago on this date. The condition of soybeans for this date also slipped with only 31% in “good” or “excellent” condition vs. 34% last week and 62% on this date last year.
On crop condition concerns, nearest corn futures rose 5% last week, while soybeans and wheat rose 4% and 3%, respectively. Corn, soybean, and wheat prices are now 25%, 24% and 33% above year-ago levels, respectively
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U.S. Crop Progress — July 23, 2012 |
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Current Week |
Last Year |
Five-Year Average |
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Corn (% doughing) |
22% |
7% |
9% |
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Soybeans (% setting pods) |
36% |
13% |
19% |
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Spring Wheat (% headed) |
98% |
77% |
90% |
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Winter Wheat (% harvest) |
82% |
71% |
73% |
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Percent of Crop in “Good” or “Excellent” Condition — July 23, 2012 |
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Current Week |
Last Year |
Five-Year Average |
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Corn |
26% |
31% |
62% |
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Soybeans |
31% |
34% |
62% |
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Spring Wheat |
60% |
65% |
74% |
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Winter Wheat |
na |
na |
na |
