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Summary

  • The USDA corn conditions were estimated 73% in “Good” or “Excellent” condition, a 1% increase from last week.
  • Soybean conditions were reported with 70% of the crop in “Good” or “Excellent” condition, a 1% decrease from last week.
  • Spring wheat conditions were reported with 66% of the crop in “Good” or “Excellent” condition, a 2% decrease from last week.

Crop conditions are at favorable levels not seen since the early 1990s. Ideal weather throughout the growing season has provided enough sun and moisture to produce what has been estimated by the USDA to be record-breaking yields for both corn and soybeans this year. The USDA estimates were supported by the in-field inspections performed by the Pro Farmer Midwest Crop Tour scouts last week. Crop tour reports estimated larger corn yields in Iowa, Illinois, Indiana, Nebraska and Ohio over last year's crop. Soybean yields are also estimated to increase from last year in Iowa, Illinois, Indiana, Minnesota, Ohio and South Dakota.

The USDA corn conditions were estimated 73% in "Good" or "Excellent" condition, a 1% increase from last week, and a 14% 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 24% and 22% respectively. Corn doughing was reported at 83%, a 13% increase from last week and 5% ahead of the five-year average. Corn dented was reported at 35%, a 13% increase from the previous week, but 8% behind the five-year average. Of the five largest corn producing states, Illinois reported the most dented corn at 48%, followed by Nebraska and Indiana with 44% and 41%, respectively.

Soybean conditions were reported with 70% of the crop in "Good" or "Excellent" condition, a 1% decrease from last week, but a 12% 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," at 23% and 22%, respectively. Soybeans setting pods were reported at 90%, a 7% increase from last week and 1% ahead of the five-year average. Of the five largest soybean producing states, Nebraska had the most soybeans setting pods at 95%, Minnesota had the least at 92%.

Spring wheat conditions were reported with 66% of the crop in "Good" or "Excellent" condition, a 2% decrease from last week, and a 1% increase from last year. 28% was reported in "Fair" condition, a 2% increase from the previous week, while only 6% was reported as "Poor" or "Very Poor." The spring wheat harvest is under way, with 27% of the crop reported harvested. That is a 10% increase from the previous week, but 12% behind the five-year average.

September futures for corn closed the week at $3.60 per bushel, unchanged from last week. August soybeans ended the week at $11.25, a 0.9% increase from last week. September wheat ended the week at $5.42, unchanged from last week. Year-to-year corn prices are down 30.1%, soybeans are down 21.2%, and wheat is down 17.1%.

Source: August Weather Supports Crop Conditions