Am / Pm Grain Comments 08/03/15 9:34:01 PM
Corn crop conditions held steady at 70% Good to Excellent, in line with trade expectations. This is 12% above the 5-year average but 3% below last year. Six state’s Good/Excellent rating improved, 8 declined, and 4 were unchanged. North Dakota, South Dakota, Nebraska, Kansas, Missouri, and Indiana all saw 1% improvements while the largest decline was in Texas (-6%). The current USDA yield projection for 2015-16 corn is 166.8 bu/acre.
Soybean conditions were rated 63% Good/Excellent, which is up 1% from last week and in line with trade expectations. This is 8% below last year and 1% below 2013, but 5% above the 5-year average. Nine states Good/Excellent ratings improved, 5 states declined, and 4 were unchanged. The largest improvements were in Michigan (+5%) and Iowa (+3%). Mississippi (-5%) and North Carolina (-4%) saw the biggest declines. Looking at the 5-year average line below, national bean conditions historically improve or stabilize in early August, before continuing their trend lower. After improving this same week in 2013-14, conditions declined sharply into September. The current USDA yield projection for 2015-16 soybeans is 46.0 bu/acre