The World Agriculture Supply and Demand Estimates (WASDE) will be released tomorrow by the USDA. Most analysts expect a continued sense of optimism over this year's production for corn and soybeans. Analysts are estimating a 1.6%-5.7% increase in corn yield, and a 5.3% decrease to a 4% increase in soybean yield from the July report.
The USDA corn conditions were estimated 73% in "Good" or "Excellent" condition, unchanged from last week, but a 9% increase from last year. 20% was considered "Fair," unchanged 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 30%, followed by Iowa and Indiana with 25% and 21%, respectively. Corn silking was reported at 96%, a 6% increase from last week and 1% ahead of the five-year average. Corn doughing was reported at 54%, an 18% increase from last week and 8% ahead of the five-year average. Corn dented was reported by the USDA for the first time this week. 11% of the corn crop was reported dented, 6% ahead of this time last year, but 5% behind the five-year average. Northern corn producing states have yet to report any denting due to the delay seen during planting this year.
Soybean conditions were reported with 70% of the crop in "Good" or "Excellent" condition, down 1% from last week from last week, but a 6% increase from last year. 23% was reported in "Fair" condition, unchanged from the previous week, while only 7% was reported as "Poor" or "Very Poor." Of the five largest soybean producing states, Illinois and Iowa had the most crop rated "Excellent" both with 22%. Soybeans blooming were reported at 92% this week, up 7% from last week, and 1% ahead of the five-year average. Soybeans setting pods were reported at 72%, a 15% 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 80%.
The winter wheat crop was reported 95% harvested, up 5% from last week, and 5% ahead of the five-year average. The wheat harvest is near completion as the northern producing states have made up significant ground over the last week.
September futures for corn closed the week at $3.56 per bushel, a 0.6% decrease from last week. August soybeans ended the week at $13.14, a 6.7% increase from last week. September wheat ended the week at $5.46, a 0.4% decrease from last week. Year-to-year corn prices are down 24.6%, soybeans are down 4.5%, and wheat is down 14%.
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