Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn Condition Continues to Deteriorate
Jul 22, 2013
Corn condition inched lower for the second consecutive week. Favorable weather is expected for the Corn Belt in the next 10 days which will be critical for corns pollination stage.
As of July 21, 2013, 11% of the corn crop was in poor or very poor condition, compared to 9% last week. Corn in good or excellent condition was 63%, a 3% decline from last week. Corn at the silking growth stage was only at 43%, compared to 84% from a year ago.
Soybean condition was 8% of the crop in poor or very poor condition, compared to 35% last year. Soybeans in good or excellent condition were 64%, compared to 31% last year. Only 46% of the soybean crop was in the blooming growth stage thus far, 32% behind last year at this time.
As of July 21, 2013, winter wheat was 75% harvested, compared to 84% last year at this time. 5% of the spring wheat crop was in poor or very poor condition, compared to 11% last year. Spring wheat in good or excellent condition was 68%, compared to 70% last week. Of the entire spring wheat crop, 85% was headed, compared to the five-year average of 88%.
Corn prices increased 0.7% over the past week ending at $5.40 per bushel, soybean prices increased by 4.6% over the past week ending at $15.20 per bushel, and wheat prices ended the week at $6.59 per bushel, a 1.5% decrease from last week. Year to year corn prices are down 30.4%, soybeans are down 6.9% and wheat is down 25.5%.