This afternoon, the USDA released its weekly crop progress report. The corn and soybean crop conditions both decreased in quality from last week’s report, while both crops are continuing to mature at an above average pace. The USDA estimated 71% of the corn crop is in good or excellent condition, while 10% is in poor or very poor condition, which was a 1% change from good or excellent to poor or very poor from last week. During this week in 2009, 68% of the crop was in good or excellent condition and 10% was in poor or very poor condition.

This week, 93% of the corn crop is silking, according to USDA estimates; while 84% was last week and only 74% this week in 2009. The 5-year historical average is that 86% of the crop silking by the first week in August. 31% of the corn crop has entered the dough stage of growth this week, while only 17% was last week, and the 5-year historical average is 24%. This week the USDA estimated that 7% of the corn crop was dented while only 3% was last year in the first week of August, and the 5-year historical average is 5%.

Of the 18 primary soybean producing states, 11% of the soybean crop is in poor or very poor condition while 66% is in good or excellent condition. Last week only 10% was in poor or very poor condition and 67% of the crop was in good or excellent condition. The USDA estimated soybean blooming this week at 86% of the crop, while the estimate last week was 75% and for this week in 2009 was 74%. The 5-year historical average is 83% of the soybean crop blooming by the first week in August. The USDA estimated that 53% of the soybean crop is setting pods, while 35% were last week, and the 5-year historical average is 48%.

Winter wheat harvest is still slightly lagging behind historical averages with 83% of the crop already harvested. Last week 79% was harvested while the 5-year historical average is 88% by this week in August.

Corn prices increased 7.25% over the past week ending at $3.90 per bushel, soybeans were also up 5.50% to $10.53 per bushel, and wheat ended the week up 17.59%, closing at $6.93 per bushel. Crop prices have been on a rally due to poor crop conditions across Europe, Russia, and into parts of China. Year-over-year corn prices are up 9.05%, soybeans are down 11.42%, and wheat is up 26.21%.

-Colvin