While rains through much of the major grain-producing regions of the U.S. were a welcome sight, they only slowed the continuing deterioration of crops, especially corn. For the ninth consecutive week, USDA reported that the condition of the U.S. corn crop is worsened compared to the previous week and a year ago.  

In its weekly report, USDA said 23%, of the corn crop is in “good” or “excellent” condition, a 1% decline from last week and well below last year’s 60%. At 29% in “good” or “excellent” condition, soybeans matched last weeks rating and, like corn, continued to fall well below conditions — 61% in “good” or “excellent” conditions — from a year ago.

With recent Midwest rains, the nearest corn futures declined 2% last week, while soybeans and wheat declined 7% and 2%, respectively. Despite the decline this past week, corn, soybean, and wheat prices remain 19%, 23% and 36% above year-ago levels, respectively.