Soybean conditions remained below average in the eastern Corn Belt, as farmers remain hopeful good weather through the end of August can partially offset a dismal growing season. Soybean maturity is slightly behind schedule across the Corn Belt except in Minnesota, where pod setting is reportedly 7% above the five-year average. Corn conditions are favorable in the western Corn Belt, but overall were unchanged from last week. The spring wheat harvest is nearing completion with farmers 28% ahead of the five-year average.
The USDA estimated corn crop conditions in the U.S. as of August 23rd, at 69% as “Excellent” or “Good,” unchanged from last week, and a 4% decrease from last year. 21% of the crop was reported as “Fair,” unchanged from last week, but a 1% increase from last year. 10% was rated as “Poor” or “Very Poor”, unchanged from last week, but a 3% increase from last year.
Corn doughing was estimated by the USDA at 85%, a 14% increase from last week and a 4% increase from the five-year average. Of the five largest corn producing states, Illinois reported the most corn doughing at 91%, followed by Iowa at 89%, and Minnesota at 88%.
Corn dented was reported at 39%, an 18% increase from last week, but 4% behind the five-year average. Of the five largest corn producing states, Illinois reported the most dented corn at 55%, followed by Nebraska at 37%.
The USDA estimated soybean crop conditions at 63% “Excellent” or “Good,” unchanged from last week, but a 7% decrease from last year. 26% of the crop was rated as “Fair,” unchanged from last week, while 11% of the crop was rated as “Poor” or “Very Poor,” unchanged from last week.
Soybean blooming was reported at 96%, a 5% increase from last week, but a 2% decrease from the five-year average. Of the five largest soybean producing states, Minnesota and Nebraska reported the most at 100%, Illinois and Indiana reported the least at 96%.
Soybeans setting pods were reported at 87%, an 8% increase from last week, but a 1% decrease from the five-year average. Of the five largest soybean growing states, Minnesota reported the most at 98%, followed by Nebraska at 91%, and Iowa at 90%.
Spring wheat harvested was reported by the USDA at 75%, a 22% increase from last year and a 28% increase from the five-year average. Farmers in Minnesota and North Dakota are nearing completion of their spring wheat harvest well above schedule, 27% and 29% ahead of their respective five-year averages.
September futures for corn closed the week at $3.68 per bushel, a 1.4% increase from last week. September soybeans ended the week at $8.92, a 3.7% decrease from last week, and September wheat ended the week at $5.03, a 0.6% increase from last week. Year-to-year corn prices are up 2.2%, soybeans are down 20.7%, and wheat is down 7.2%.
The data for this report was taken from the August 24, 2015 USDA Crop Progress report for the week ending August 23, 2015. The information reported is based on a survey of approximately 4,000 agriculture professionals making subjective estimates of the progress of crops in their area. The data is compiled by the USDA National Agricultural Statistics Service.
Click here to see more...