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.
During the crucial pollination period, cool and wet weather the past week was positive for corn conditions.
As of August 4, 2013, 11% of the corn crop was in poor or very poor condition, compared to 50% last year at this time. Corn in good or excellent condition was 64%, compared to 23% a year ago. Corn at the silking growth stage was at 86%, 3% behind the five year average. Corn in the dough stage was 18%, compared to the five year average of 31%.
Soybean condition was 9% of the crop in poor or very poor condition, compared to 39% last year. Soybeans in good or excellent condition were 64%, compared to 29% last year. 79% of the soybean crop was in the blooming growth stage thus far, 14% behind last year at this time. Soybeans setting pods were at 39%, compared to 69% last year at this time.
Winter wheat was 87% harvested, compared to 89% last year at this time. 7% 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 63% last year at this time. Of the entire spring wheat crop, 97% was headed, compared to the five-year average of 98%.
Corn prices decreased 4.1% over the past week ending at $4.69 per bushel, soybean prices decreased by 2.8% over the past week ending at $13.29 per bushel, and wheat prices ended the week at $6.45 per bushel, a 0.9% decrease from last week. Year to year corn prices are down 41.6%, soybeans are down 17.3%, and wheat is down 27.8%.
For daily articles on farmland and agriculture, visit www.farmlandforecast.com.
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