Crop Conditions Unchanged; Market Prepares for WASDE

Published on: 21:18PM Aug 10, 2015

Crop condition reports for corn and soybeans went unchanged as the USDA prepares to release August’s much anticipated World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday. Growing conditions were moderate to good last week with a few reports of localized severe weather. Maturation of the corn and soybean crop continue moving in the right direction. Winter wheat farmers are nearly complete with their harvest.

The USDA estimated corn crop conditions in the U.S. as of August 9th, at 70% as “Excellent” or “Good,” unchanged from last week, but a 3% decrease from last year. 21% of the crop was reported as “Fair,” unchanged from last week, but a 1% increase from last year. 9% was rated as “Poor” or “Very Poor”, unchanged from last week, but a 2% increase from last year.

Corn silking was reported at 96% silked, a 6% increase from last week and even with the five-year average. Of the five largest corn producing states, Minnesota, and Nebraska reported the most at 98% silked, followed by Iowa at 97%. Normally the silking progress in the western Corn Belt is behind the eastern Corn Belt, but poorer growing conditions in the east has caused the areas maturation to be delayed.

Corn doughing was estimated by the USDA at 50%, a 21% increase from last week and a 1% increase from the five-year average. Of the five largest corn producing states, Illinois reported the most corn doughing at 67%, followed by Minnesota at 52%, and Iowa at 51%.

Corn dented was reported for the first time this week at 9%, even with what was reported last year, but 6% behind the five-year average. The majority of the dented corn was reported in southern growing areas.

The USDA estimated soybean crop conditions at 63% “Excellent” or “Good,” unchanged from last week, but a 7% decrease from last year. 26% of the crop was rated as “Fair,” unchanged from last week, while 11% of the crop was rated as “Poor” or “Very Poor,” unchanged from last week.

Soybean blooming was reported at 88%, a 7% increase from last week, but a 3% decrease from the five-year average. Of the five largest soybean producing states, Minnesota reported the most at 98%, followed by Nebraska at 94%, and Iowa at 92%.

Soybeans setting pods were reported at 69%, a 15% increase from last week and a 5% increase from the five-year average. Of the five largest soybean growing states, Minnesota reported the most at 90%, followed by Iowa at 73%, and Indiana at 72%.

Spring wheat conditions were reported at 69% “Excellent” or “Good,” a 1% decrease from last week and a 1% decrease from the five-year average. 23% was rated “Fair,” a 1% increase from last week, and 8% was rated “Poor” or “Very Poor.”

Spring wheat harvested was reported by the USDA at 28%, a 20% increase from last year and an 8% increase from the five-year average.

Winter wheat harvested was reported at 97%, a 6% increase from last week and 7% ahead of the five-year average.

September futures for corn closed the week at $3.90 per bushel, a 6.6% increase from last week. September soybeans ended the week at $10.08, a 6.7% increase from last week, and September wheat ended the week at $5.25, a 5.2% increase from last week. Year-to-year corn prices are up 9.6%, soybeans are down 9.0%, and wheat is down 3.8%.

The data for this report was taken from the August 10, 2015 USDA Crop Progress report for the week ending August 9, 2015. The information reported is based on a survey of approximately 4,000 agriculture professionals making subjective estimates of the progress of crops in their area. The data is compiled by the USDA National Agricultural Statistics Service.

-Colvin

For daily articles on farmland and agriculture, visit http://www.farmlandforecast.com