The condition of this year's corn crop is drastically different across the Corn Belt. Pockets of central Illinois, eastern Iowa and Indiana have reported corn beginning to tassel, while farmers in the western Corn Belt continue to deal with wet and flooded fields. The USDA World Agriculture Supply and Demand Estimate (WASDE) report will be released this Friday and it will give a better idea of the USDA's expectation for this year's corn crop following the extensive amount of flooding, hail and wind experienced by farmers in the western Corn Belt throughout June.
The USDA estimated corn conditions at 75% of the crop rated "Good" or "Excellent," unchanged from the previous week, but a 7% increase from last year. 20% was considered "Fair," down 1% from last week, while only 5% was considered "Poor" or "Very Poor." Corn silking was reported at 15%, a 10% increase from last week, but 3% behind the five-year average.
Soybean emergence was reported at 98% in the last week it will be reported this year. That is a 4% increase from last week and 1% ahead of the five-year average. Soybean conditions were reported with 72% of the crop in "Good" or "Excellent" condition, unchanged from last week, but a 5% increase from last year. 23% was reported in "Fair" condition, while only 5% was reported as "Poor" or "Very Poor." Soybeans blooming were reported at 24% this week, up 14% from last year, and 3% ahead of the five-year average.
The winter wheat crop was reported 57% harvested, up 14% from last week, but 3% behind the five-year average. There was a slight change in the conditions report for wheat - 31% was rated "Good" or "Excellent," a 1% increase from last week, 25% was rated "Fair," a 1% decrease from last week, and "Poor" or "Very Poor" rated crop was unchanged at 44%.
July futures for corn closed the week at $4.09 per bushel, a 3.5% decrease from last week. July soybeans ended the week at $13.63, a 2.6% decrease from last week, and July wheat ended the week at $5.45, a 3.4% decrease from last week. Year-to-year corn prices are down 40.8%, soybeans are down 15.3%, and wheat is down 17.4%.
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