Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn Crop at Alarming Conditions
Jul 02, 2012
Corn and soybean conditions declined by an alarming 8% as the Corn Belt continues to see hot and dry weather. Abundant rainfall would help, but not replace the record 2012 corn crop that was predicted. Farmers are starting to find crop conditions beyond repair this summer and losing a significant portion of their crop.
As of July 2, 2012 corn conditions have again declined to 48% of the crop in good or excellent condition, compared to 56% last week and 69% last year. 25% of the corn was silking which is above the five-year average of 8%. Corn prices increased by 9.7% over the past week ending at $6.92 per bushel and year-over-year prices have increased by 9.8%.
As of the first week of July, 26% of U.S. soybeans have bloomed which is ahead of its five-year average of only 12%. Soybean conditions worsened as 22% is in very poor or poor condition compared to 15% last week. Soybeans in good or excellent condition have decreased by 8% from last week to 45%. Soybean prices increased by 3.4% over the past week ending at $15.32 per bushel and year-over-year prices increased by 15.9%.
Of the six primary spring wheat producing states, 73% of the wheat has headed compared to only 12% at the same time last year. Spring wheat conditions are favorable as 71% is in good or excellent condition and only 5% is in poor or very poor condition. As of the first week of July, 69% of the winter wheat has been harvested, compared to the five year average of only 43%. Wheat prices ended the week at $7.54 per bushel, a 4.1% increase from last week. Year-over-year wheat prices have increased 29.1%.
For daily articles on farmland and agriculture, visit www.farmlandforecast.com.