Yesterday afternoon, the USDA released its weekly crop progress report. The corn and soybean crop conditions were virtually unchanged from last week’s report, while both crops continue to mature at an accelerated pace. The USDA estimated 72% of the corn crop is in good or excellent condition, while 9% is in poor or very poor condition, which was unchanged from last week. During this week in 2009, 70% of the crop was in good or excellent condition and 8% was in poor or very poor condition. This week, 84% of the corn crop is silking, according to USDA estimates; while 48% was last week and 52% this week in 2009. The 5-year historical average is that only 70% of the crop silking by the third week of July.
Of the 18 primary soybean producing states, 10% of the soybean crop is in poor or very poor condition while 67% is in good or excellent condition. Last week only 9% was in poor or very poor condition and 67% of the crop was in good or excellent condition. The USDA estimated soybean blooming this week at 75% of the crop, while the estimate last week was 60% and for this week in 2009 was 60%. The 5-year historical average is 72% of the soybean crop blooming by the third week in July. The USDA estimated that 35% of the soybean crop is setting pods already, while only 18% were last week and the 5-year historical average is 31%.
The winter wheat harvest is progressing well with 79% of the crop already harvested. Last week 71% was harvested while the 5-year historical average is 82% by this week in July.
Corn prices decreased 8.45% over the past week ending at $3.64 per bushel, soybeans were also down 2.13% to $9.98 per bushel, and wheat ended the week up 0.4%, closing at $5.89 per bushel. Crop prices have been volatile due to weather conditions across the Corn Belt. Recently, favorable weather conditions have hurt prices. Year-over-year corn prices are up 15.1%, soybeans are down 2.3%, and wheat is up 14.2%.
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