Corn and soybean conditions worsened slightly this week. Statistics coming from on the ground research from the Pro Farmer Crop Tour would suggest the USDA's estimate corn yield of 123.4 bushels per acre is a high estimate as crops are looking dismal across much of the Corn Belt.
As of August 27, 2012 corn conditions decreased a percent from last week to 22% of the crop in good or excellent condition, a 32% decline from last year at the same time. Harvest has started and 6% of the corn has been harvested at this time. 76% of the corn was dented and only 47% was dented at the same time last year. 26% of the corn crop was mature compared to the five year average of only 8%. Corn prices decreased by 2.6% over the past week ending at $7.94 per bushel and year-over-year prices have increased by 5.6%.
As of the first week of September, soybean conditions were at 38% in very poor or poor condition compared to 15% a year earlier. Soybeans in good or excellent condition were at 30%, a 27% decline from one year prior. 96% of soybeans have set pods, and 8% of soybeans have dropped leaves. Soybean prices increased by 1.5% over the past week ending at $17.29 per bushel and year-over-year prices increased by 22.3%.
89% of the spring wheat has been harvested as of August 27, 2012. Wheat prices ended the week at $8.62 per bushel, a 1.9% decrease from last week. Year-over-year wheat prices have increased 13.1%.