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Summary

  • The USDA corn conditions were estimated 73% in “Good” or “Excellent” condition, down 2% from last week, but a 9% increase from last year.
  • Soybean conditions were reported with 71% of the crop in “Good” or “Excellent” condition, unchanged from last week, but a 7% increase from last year.
  • The winter wheat crop was reported 90% harvested, up 7% from last week, and 5% ahead of the five-year average.

The Midwest reported below average precipitation for the month of July, a crucial time for the development and maturity of the corn crop. Despite very little rain the crop continues to be rated at a high percentage in "Good" or "Excellent" condition by the USDA. The inflated conditions and estimates of a large corn and soybean crop have continued to put pressure on grain prices.

The USDA corn conditions were estimated 73% in "Good" or "Excellent" condition, down 2% from last week, but a 9% increase from last year. 30% was considered "Fair," up 1% from last week, while only 7% was considered "Poor" or "Very Poor." Of the Corn Belt states, Illinois had the most corn rated "Excellent" at 29%, followed by Iowa and Indiana with 25% and 23% respectively. Corn silking was reported at 90%, a 12% increase from last week and 2% ahead of the five-year average. Corn doughing was reported at 36%, a 19% increase from last week and 7% ahead of the five-year average.

Soybean conditions were reported with 71% of the crop in "Good" or "Excellent" condition, unchanged from last week, but a 7% increase from last year. 23% was reported in "Fair" condition, unchanged from the previous week, while only 6% was reported as "Poor" or "Very Poor." Of the five largest soybean producing states, Illinois had the most crop rated "Excellent" with 21%, followed by Iowa with 20%. Soybeans blooming were reported at 85% this week, up 9% from last week, and 2% ahead of the five-year average. Soybeans setting pods were reported at 57%, a 19% increase from last week and 7% ahead of the five-year average. Of the five largest soybean producing states Indiana and Nebraska had the most soybeans setting pods, both at 68%.

The winter wheat crop was reported 90% harvested, up 7% from last week, and 5% ahead of the five-year average. Northern wheat states of Idaho and Montana are 21% and 22%, ahead of their five-year harvest averages.

September futures for corn closed the week at $3.58 per bushel, a 2.5% decrease from last week. August soybeans ended the week at $12.32, a 0.3% decrease from last week. September wheat ended the week at $5.44, a 1.9% increase from last week. Year-to-year corn prices are down 23.7%, soybeans are down 7.3%, and wheat is down 15.7%.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it. The author has no business relationship with any company whose stock is mentioned in this article.

Source: Crop Progress: Drier Weather Fails To Significantly Lower Crop Conditions