Corn and soybean conditions declined from their already critical state. Prices for all three grains are hitting all time highs as supply is expected to be slim come harvest.
As of July 23, 2012 corn conditions have declined to 26% of the crop in good or excellent condition, a 5% drop from last week and a 36% decline from last year at the same time. 86% of the corn was silking which is above the five-year average of 59%. As of the fourth week of July, 22% of the corn crop is doughing, compared to the five-year average of only 7%. Corn prices increased by 4.9% over the past week ending at $8.14 per bushel and year-over-year prices have increased by 18.0%.
As of the fourth week of July, 79% of U.S. soybeans have bloomed which is ahead of the five-year average of only 60%. Soybean conditions were 35% in very poor or poor condition compared to 11% a year earlier. Soybeans in good or excellent condition have decreased by 3% from last week to 31%. Soybean prices increased by 4.0% over the past week ending at $16.98 per bushel and year-over-year prices increased by 23.0%.
Spring wheat conditions are 60% in good or excellent condition and only 11% in poor or very poor condition. 82% of the winter wheat has been harvested, compared to 71% at the same time last year. Wheat prices ended the week at $9.12 per bushel, a 3.2% increase from last week. Year-over-year wheat prices have increased 31.8%.