Corn conditions remained stagnant this past week. Although farmers were hoping for rain during the summer months, now that harvest is upon us, rain will only act as a hurdle to getting into the fields and harvesting the crop.
As of September 2, 2012 USDA estimated corn conditions remained the same as last week with 22% of the crop in good or excellent condition, a 30% decline from last year at the same time. Harvest is underway and 10% of the entire U.S. corn crop has been harvested. 86% of the corn crop was dented and only 65% was dented at the same time last year. 41% of the corn crop was mature compared to the five year average of only 16%. Corn prices increased by 1.6% over the past week ending at $8.07 per bushel and year-over-year prices have increased by 8.2%.
Soybean conditions were at 37% in very poor or poor condition compared to 16% a year earlier. Soybeans in good or excellent condition were at 30%, a 26% decline from one year prior. 19% of soybeans have dropped leaves compared to the five year average of 9% at the same time last year. Soybean prices increased by 2.4% over the past week ending at $17.71 per bushel and year-over-year prices increased by 25.3%.
Almost all of the spring wheat has been harvested, 95%, as of September 2, 2012. Wheat prices ended the week at $8.66 per bushel, a 0.5% increase from last week. Year-over-year wheat prices have increased 20.9%.