A steady decline in crop conditions continue for corn and soybeans as September rolls on.
As of September 8, 2013, 17% of the corn crop was in poor or very poor condition, a 1% increase from last week. Corn in good or excellent condition was 54%, a 2% decrease from last week. Corn in the dough stage was 92%, compared to the five year average of 94%. Corn was 64% dented this week, behind the five year average of 75%. Matured corn was at 9%, well behind the five-year average of 28%.
Soybean condition was 16% of the crop in poor or very poor condition, a 1% increase from last week. Soybeans in good or excellent condition were 52%, a 2% decrease from last week. Soybeans dropping leaves were at 11%, compared to 34% last year at this time.
Spring wheat was 80% harvested as of September 8, 2013, compared to 97% last year.
Corn prices decreased 4.2% over the past week ending at $4.77 per bushel, and soybean prices decreased 2.2% ending at $14.04 per bushel, and wheat prices ended the week at $6.28 per bushel, a 1.3% decrease from last week. Year-to-year corn prices are down 38.9%, soybeans are down 18.0% and wheat is down 27.6%.
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.