Favorable August Weather Continues To Support Healthy Crops

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

Summary

The USDA corn conditions were estimated 72% in “Good” or “Excellent” condition, a 1% decrease from last week.

Soybean conditions were reported with 71% of the crop in “Good” or “Excellent” condition, a 1% increase from last week.

Spring wheat conditions were reported with 64% of the crop in “Good” or “Excellent” condition, unchanged from last week.

Ideal growing weather continues to support corn and soybean conditions as we move closer to harvest. Illinois and Iowa, the largest corn producing states, have the best conditioned corn in the U.S.

The highly acclaimed Pro Farmer Crop Tour commenced today, which will provide a ground level test to the expected bumper corn and soybean crops. The tour will span 30,000 miles before concluding in southern Minnesota and unveiling the true crop conditions.

The USDA corn conditions were estimated 72% in "Good" or "Excellent" condition, a 1% decrease from last week, but an 11% increase from last year. 20% was considered "Fair," unchanged from last week, while only 8% 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 24% and 21%, respectively. Corn doughing was reported at 70%, a 16% increase from last week and 7% ahead of the five-year average. Corn dented was reported at 22%, an 11% increase from the previous week, but 5% behind the five-year average. Of the five largest corn producing states, Illinois reported the most dented corn at 34%, while Minnesota reported the least at 6%.

Soybean conditions were reported with 71% of the crop in "Good" or "Excellent" condition, a 1% increase from last week, and a 9% 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 and Iowa had the most crop rated "Excellent," at 23% and 22%, respectively. Soybeans blooming were reported at 95% this week, up 3% from last week, and even with the five-year average. Soybeans setting pods were reported at 83%, an 11% increase from last week and 4% ahead of the five-year average. Of the five largest soybean producing states, Nebraska had the most soybeans setting pods at 87%, Indiana had the least at 77%.

Spring wheat conditions were reported with 64% of the crop in "Good" or "Excellent" condition, unchanged from last week, but a 2% increase from last year. 26% was reported in "Fair" condition, a 1% increase from the previous week, while only 6% was reported as "Poor" or "Very Poor." The spring wheat harvest is under way, with 17% of the crop reported harvested. That is an 11% increase from the previous week, but 16% behind the five-year average.

September futures for corn closed the week at $3.60 per bushel, a 1.1% increase from last week. August soybeans ended the week at $11.15, a 15.1% decrease from last week. September wheat ended the week at $5.42, a 0.7% decrease from last week. Year-to-year corn prices are down 18.0%, soybeans are down 15.7%, and wheat is down 15.4%.

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.