The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Unpredictable weather throughout the Corn Belt will continue to cause crop price volatility throughout the rest of the growing season.
As of July 7, 2013, 8% of the corn crop was in poor or very poor condition, compared to 30% last year. Corn in good or excellent condition was 68%, compared to 40% last year. Corn at the silking growth stage was only at 6% as of July 7, 2013, compared to 46% from a year ago.
95% of the U.S. soybean crop has emerged, compared to the five-year average of 97%. 7% of the soybean crop was in poor or very poor condition, compared to 27% last year. Soybeans in good or excellent condition were 67%, compared to 40% last year. Only 10% of the soybean crop was in the blooming growth stage thus far, 32% behind last year at this time.
Winter wheat conditions remained unchanged from last week with 42% of the crop in poor or very poor condition and 34% in good or excellent condition. As of July 7, 2013, winter wheat was 57% harvested, compared to the 78% last year at this time.
5% of the spring wheat crop was in poor or very poor condition, compared to 7% last year. Spring wheat in good or excellent condition was 72%, compared to 66% last year. Of the entire spring wheat crop, 45% was headed this week, compared to the five-year average of 53%.
The July corn contract increased 5.5% over the past week ending at $6.91 per bushel, soybean prices increased by 2.5% over the past week ending at $16.09 per bushel, and wheat prices ended the week at $6.60 per bushel, a 2.3% increase from last week. Year to year corn prices are down 5.6%, soybeans are down 3.4% and wheat is down 20.3%.
For daily articles on farmland and agriculture, visit www.farmlandforecast.com.
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