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Crop Conditions on a Cliff, Prices Breaking Records

July 21, 2012
By: Sara Schafer, Farm Journal Media Business and Crops Editor

Hold on to your hat. Corn and soybean prices reached all-time highs this week and could go even higher.

 

For the week, September 2012 corn jumped $0.84 and December corn up $0.55. September soybeans surged $1.44 and November soybeans $1.34. See this week's price movements:

The nearby corn and soybean charts resemble a bottle rocket’s launch pattern:

Corn September 2012 (CBOT)

Sept 2012 corn

Soybeans August 2012 (CBOT)

August 2012 Soybeans

 

Jerry Gulke, president of the Gulke Group, says crops are deteriorating in front of our eyes as each day passes. "This crop is going down fast."

Gulke says he believes the trade is already trading a national corn yield average of 135 bu./acre, but even that number could decrease with new crop condition rating information from USDA.

"Monday morning, we may see the biggest drop in crop condition ratings in corn and soybeans in history. Regardless of whether its 6 or 10 or 12 points down, this crop isn’t getting any better."

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COMMENTS (4 Comments)

Donald - Yuma, AZ
Prices are really good but don't help much if you don't have any corn or wheat to sell. Hope for more moisture or economically things will really be tough for farmers.
12:48 PM Jul 22nd
 
ngelliss
Where does a 110 average put us?
8:20 AM Jul 21st
 
teakettleking - sumner, IL
Zeroes have a devastating on average yields. I remember the 1953 and 1954 and 1983 droughts here in the Lawrence, Richland, Crawford, and Jasper County area. I know what 7 BPA corn and beans look like. Gobs of corn here will not be harvested and the bean heads will have to have slats bolted on their pickup reels to harvest the mostly podless ankle high beans.
7:43 AM Jul 21st
 
teakettleking - sumner, IL
Zeroes have a devastating on average yields. I remember the 1953 and 1954 and 1983 droughts here in the Lawrence, Richland, Crawford, and Jasper County area. I know what 7 BPA corn and beans look like. Gobs of corn here will not be harvested and the bean heads will have to have slats bolted on their pickup reels to harvest the mostly podless ankle high beans.
7:43 AM Jul 21st
 



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