Corn conditions remain constant and going forward we will keep a close eye on the hot and dry weather patterns in the Corn Belt which could have an adverse effect on conditions.
As of June 4, 2012 a total of 97% of the U.S. corn crop has already emerged compared to 75% from a year ago. Corn conditions are favorable as 72% of the crop is in good or excellent condition compared to 67% a year ago, and only 5% in poor or very poor condition.
As of the first week of June, 94% of U.S. soybeans have been planted, a 31% increase from a year ago. Of the 94% planted, 79% have emerged which is an increase from 39% at the same time last year.
Of the six primary spring wheat producing states 3% of the wheat has headed. Spring wheat conditions are also favorable as 78% is in good or excellent condition and only 2% is in poor or very poor condition.
Winter wheat continues to outperform 2011's conditions with 52% of the winter wheat crop in good or excellent condition; a 18% increase from last year. Winter wheat in very poor or poor condition is at 18%, a 26% decrease from one year prior. As of the first week of June, 20% of the winter wheat has been harvested, compared to the five year average of only 3%.
Corn prices increased by 0.9% over the past week ending at $5.67 per bushel, soybean prices decreased by 3.4% over the past week ending at $13.39 per bushel, and wheat prices ended the week at $6.25 per bushel, a 4.7% decrease from last week. Year-over-year corn prices are down 24.8%, soybeans are down 5.3%, and wheat is down 19.1%.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.