Crop Progress: Corn Crop In Critical Condition

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

Corn and soybean conditions have yet again plummeted as hot and dry weather continues to abuse the crops along the Corn Belt.

As of July 16, 2012 corn conditions have declined to 31% of the crop in good or excellent condition, a 9% drop from last week and a 35% decline from last year at the same time. 71% of the corn was silking which is above the five-year average of 36%. Corn prices increased by 0.1% over the past week ending at $7.76 per bushel and year-over-year prices have increased by 13.0%.

As of the middle of July, 66% of U.S. soybeans have bloomed which is ahead of its five-year average of only 42%. Soybean conditions were 30% in very poor or poor condition compared to 10% a year earlier. Soybeans in good or excellent condition have decreased by 6% from last week to 34%. Soybean prices decreased by 1.9% over the past week ending at $16.33 per bushel and year-over-year prices increased by 16.6%.

Of the six primary spring wheat producing states, 94% of the wheat has headed compared to only 54% at the same time last year. Spring wheat conditions are 65% in good or excellent condition and only 8% in poor or very poor condition. 80% of the winter wheat has been harvested, compared to the five year average of only 65%. Wheat prices ended the week at $8.84 per bushel, a 6.8% increase from last week. Year-over-year wheat prices have increased 31.0%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.