Today's USDA Crop Report shows that corn, soybeans and wheat are catching up but only 6% of the corn crop is silking versus 20% for the five-year average. About 10% of soybeans are blooming, versus 24% on average and 45% of spring wheat is headed out versus 53% on average.
The numbers to watch in the next few weeks are crop condition. In areas where rains continue to fall, condition is remaining good, bolstering overall numbers. USDA pegs corn condition at 8% poor to very poor which is the same as last week. But in some states, like Kansas (14% poor to very poor) and Iowa (11%), WIsconsin (10%) and Missouri (10%) crop condition is staying fairly steady. In Kansas, where the drought persists, just 49% of the corn crop is good to excellent.
Crop watchers will keep an eye on the corn crop. About 43% of the crop was planted in a tight two-week window, and the lateness of that planting puts a lot of corn pollinating during some hot times. How that may impact yield remains to be seen.
For soybeans, 95% of the crop is emerged, nearing the five-year average and 10% are blooming, which is well behind the 42% level of last year at this time; or the 24% five-year average. Prognosticators are now looking for analogous years to determine how late-blooming might impact the crop. Soybean crop conditions are holding steady overall. Missouri is showing 9% poor to very poor, with Iowa at 11% poor to very poor. Arkansas is set at 13% poor to very poor. Overall 67% of the crop is rated good to excellent.
The winter wheat harvest is moving right along with 57% of the crop out of the field, though that still lags the 64% five-year average. As it stands 42% of the winter wheat crop is still poor to very poor condition, which is the same level as last week. Kansas shows 43% poor to very poor, and Nebraska shows 50% poor to very poor. Texas continuing drought shows winter wheat at 75% poor to very poor.
This late, wet, dry, hot, planting and growing season hasn't been enough to impact the market, though traders gave new crop corn and soybeans a post-holiday bounce. That came not only with traders watching the weather but with some new crop export sales.
Keep up with crop conditions and yield estimates on the Farm Futures Statistical Tables and Charts page.