Corn conditions continue to be in a dire situation, but remained unchanged week to week. With harvest approaching, we look forward to actual yields as the USDA estimated an average corn yield of 123.4 bushels per acre last week.
As of August 13, 2012 corn conditions remain at 23% of the crop in good or excellent condition, a 37% decline from last year at the same time. 42% of the corn was dented and only 14% was dented at the same time last year. As of the third week of August, 78% of the corn crop has doughing, compared to the five-year average of only 49%. Corn prices decreased by 2.6% over the past week ending at $7.82 per bushel and year-over-year prices have increased by 11.6%.
As of the third week of August, soybean conditions were at 38% in very poor or poor condition compared to 13% a year earlier. Soybeans in good or excellent condition were at 30%, a 29% decline from a year prior. 83% of soybeans have set pods, a 19% increase from a year prior. Soybean prices increased by 3.0% over the past week ending at $16.56 per bushel and year-over-year prices increased by 23.9%.
Spring wheat conditions were at 61% in good or excellent condition and only 11% in poor or very poor condition. 65% of the spring wheat has been harvested as of August 13, 2012. Wheat prices ended the week at $8.56 per bushel, a 4.1% decrease from last week. Year-over-year wheat prices have increased 21.9%.