Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Midwest Conditions Remain Dry
Jun 18, 2012
Corn and soybean conditions decreased for the second consecutive week due to the lack of precipitation across much of the Corn Belt. Rains came across less than half of the Corn Belt this weekend and fell short of the much needed moisture. Dry and hot weather conditions are forecasted for the rest of this week.
As of June 18, 2012 corn conditions have weakened as 63% of the crop is in good or excellent condition compared to 66% last week and 70% a year ago. Corn prices increased by 1.5% over the past week ending at $6.01 per bushel and year-over-year prices have decreased by 14.1%.
As of the third week of June, 95% of U.S. soybeans have emerged which is an increase from 77% at the same time last year. Soybean conditions worsened as 12% is in very poor or poor condition compared to 10% last week. Soybeans in good or excellent condition have decreased by 4% from last week to 56%. Soybean prices decreased by 2.6% over the past week ending at $13.89 per bushel and year-over-year prices increased by 4.2%.
Of the six primary spring wheat producing states, 33% of the wheat has headed by this week. Spring wheat conditions are favorable as 76% is in good or excellent condition and only 3% is in poor or very poor condition.
Winter wheat conditions continue to outpace last year's conditions with 54% of the winter wheat crop in good or excellent condition; an 18% increase from last year. Winter wheat in very poor or poor condition is at 17%, a 24% decrease from one year prior. As of the third week of June, 48% of the winter wheat has been harvested, compared to the five year average of only 16%. Wheat prices ended the week at $6.29 per bushel, a 0.2% decrease from last week. Year-over-year wheat prices have decreased 6.4%.
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