Crop Progress: Crop Conditions Inched Lower

Includes: CORN, SOYB, WEAT
by: T. Marc Schober

Crop conditions will be the main focus moving into the fall harvest and corn and soybean conditions decreased over the last week. Will above average crop conditions be able to fend off the late planting season and shorter growing season? No one knows for sure, but we will be there every step of the way.

As of August 18, 2013, 13% of the corn crop was in poor or very poor condition, a 2% increase from last week. Corn in good or excellent condition was 61%, a 3% decrease from last week. Corn in the dough stage was 52%, compared to the five-year average of 65%. Corn was 11% dented this week, behind the five-year average of 30%.

Soybean condition was 10% of the crop in poor or very poor condition, a one percent increase from last week. Soybeans in good or excellent condition were 64%, unchanged from last week. Thus far, 92% of the soybean crop was in the blooming growth stage, 6% behind last year at this time. Soybeans setting pods were at 72%, compared to 90% last year at this time.

Winter wheat was 96% harvested, compared to 97% last year at this time. Spring wheat was 18% harvested as of August 18, 2013, compared to 77% last year.

Corn prices increased 4.4% over the past week ending at $4.93 per bushel, and wheat prices ended the week at $6.41 per bushel, a 0.9% increase from last week. Year to year corn prices are down 40.7%, soybeans are down 24.6%, and wheat is down 28.8%.

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.