Today's Crop Progress report is neutral, but the Supply and Demand report from earlier today proved bullish for corn, soybeans, and wheat. Crop conditions will be the main focus through the critical August growing days.
As of August 11, 2013, 11% of the corn crop was in poor or very poor condition, compared to 51% 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 94%, 1% behind the five year average. Corn in the dough stage was 32%, compared to the five year average of 48%. Corn began denting this week, with 5% dented compared to 39% at this time last year.
Soybean condition was 9% of the crop in poor or very poor condition, compared to 38% last year. Soybeans in good or excellent condition were 64%, compared to 30% last year. 88% of the soybean crop was in the blooming growth stage thus far, 8% behind last year at this time. Soybeans setting pods were at 58%, compared to 81% last year at this time.
Winter wheat was 92% harvested, compared to 94% last year at this time. 8% 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 66%, compared to 61% last year at this time. Spring wheat harvesting just began, with 6% harvested compared to 61% last year.
Corn prices increased 0.6% over the past week ending at $4.72 per bushel, soybean prices increased by 3.3% over the past week ending at $13.73 per bushel, and wheat prices ended the week at $6.35 per bushel, a 1.6% decrease from last week. Year to year corn prices are down 39.6%, soybeans are down 15.4%, and wheat is down 25.8%.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.