Corn conditions have deteriorated every week for the past two months as farmers prepare for the worst drought since the dust bowl.
As of July 30, 2012 corn conditions have declined to 24% of the crop in good or excellent condition, a 2% drop from last week and a 38% decline from last year at the same time. 94% of the corn was silking which is above the five-year average of 77%. As of the first week of August, 37% of the corn crop is doughing, compared to the five-year average of only 17%. Corn prices increased by 0.7% over the past week ending at $8.20 per bushel and year-over-year prices have increased by 23.3%.
As of the first week of August, 88% of U.S. soybeans have bloomed which is ahead of the five-year average of only 75%. Soybean conditions were 37% in very poor or poor condition compared to 12% a year earlier. Soybeans in good or excellent condition have decreased by 2% from last week to 29%. Soybean prices increased by 1.6% over the past week ending at $17.25 per bushel and year-over-year prices increased by 27.4%.
Spring wheat conditions are 63% in good or excellent condition and only 11% in poor or very poor condition. 28% of the spring wheat has been harvested as of July 30, 2012. 85% of the winter wheat has been harvested, compared to 77% at the same time last year. Wheat prices ended the week at $9.14 per bushel, a 0.2% increase from last week. Year-over-year wheat prices have increased 36.0%.