Corn and soybean conditions worsened this week and are below last year's levels for the first time this year. Dry and hot conditions across the Corn Belt are blamed for these poor crop conditions as many farmers are hoping for a much needed rainfall.
As of June 10, 2012 corn conditions have further weakened as 66% of the crop is in good or excellent condition compared to 72% last week and 69% a year ago. Corn prices increased by 4.4% over the past week ending at $5.92 per bushel and year-over-year prices have decreased by 24.8%.
As of the second week of June, 97% of U.S. soybeans have been planted, a 16% increase from a year ago. Of the 97% planted, 90% have emerged which is an increase from 58% at the same time last year. Soybean prices increased by 6.2% over the past week ending at $14.22 per bushel and year-over-year prices increased by 2.5%.
Of the six primary spring wheat producing states 15% of the wheat has headed. Spring wheat conditions are favorable as 75% is in good or excellent condition and only 4% is in poor or very poor condition.
Winter wheat continues to outperform 2011's conditions with 53% of the winter wheat crop in good or excellent condition; an 18% increase from last year. Winter wheat in very poor or poor condition is at 17%, a 25% decrease from one year prior. As of the second week of June, 35% of the winter wheat has been harvested, compared to the five year average of only 9%. Wheat prices ended the week at $6.30 per bushel, a 0.8% increase from last week. Year-over-year wheat prices have decreased 17.0%.
