Corn continued to struggle this week with Greenville cash corn selling $0.27 lower than a week ago at $4.03/bu on Friday. September futures contracts are also down on the week, finishing $0.27 lower than last Friday. The USDA Crop Progress and Condition Report is currently showing the U.S. corn crop rated as 70% good or excellent while Mississippi’s corn crop is also rated as 70% good or excellent. This lags a bit behind a year ago when the U.S. crop was rated as 75% good or excellent. Mississippi’s corn crop progress is trending behind the 5-year average with 10% of the crop mature compared 16% a year ago and a 5-year average of 16%.
Soybean markets are also down from a week ago, with Greenville soybeans trading $0.29 lower at $10.06/bu on Friday. Nearby August soybean futures are also trading $0.24 lower than a week ago. Mississippi soybean progress is ahead of last year with 63% of the state’s soybeans setting pods compared to 50% a year ago and a 5-year average of 68%. Mississippi’s soybeans are rated as 75% good or excellent while the U.S. soybean crop is rated as 62% good or excellent compared to 71% a year ago.
September wheat futures are down $0.42 from a week ago while Greeneville wheat prices were not reported on Friday. U.S. wheat producers have harvested 85% of the winter wheat crop so far and despite a slow start, they are ahead of the 5-year average of 80%. The U.S. spring wheat crop is rated as 71% good or excellent condition, and what may be a good spring wheat harvest has been keeping prices down here in Mississippi as well.
Cotton prices are also down slightly with South Delta cash prices finishing the week $0.03/cwt lower than a week ago. Mississippi’s cotton crop looks relatively good so far this year with 68% of the state’s crop rated in good or excellent condition. The wetter than normal summer has helped the U.S. crop with 57% good or excellent compared to 54% a year ago.
For more detail on crop futures and Mississippi local crop prices click here.