Corn is lower this week with Greenville cash corn currently trading $0.14 lower than a week ago and $0.01 lower than a year ago at $3.86/bu on Friday. July futures contracts are also $0.14 lower on the week at $3.78/bu. Mississippi producers have 94% of the state’s corn crop in the ground, slightly ahead of last year’s pace but in line with the 5-year average of 95%. Mississippi’s corn crop looks good so far this year with 62% of the state’s crop rated in good or excellent condition. Favorable planting conditions have put U.S. producers well ahead of average, with 64% of the U.S. corn crop in the ground compared to a 5-year average of 50%.
Soybean markets are trading higher this week, with Greenville soybeans trading $0.45 higher at $10.72/bu on Friday. A year ago, Greenville soybeans were trading for $10.08/bu. Nearby July soybean futures are trading $0.05 higher than a week ago. Mississippi producers are ahead of the normal planting pace on soybeans with 57% of the state’s crop in the ground compared to a 5-year average of 50%. Producers across the U.S. are slightly ahead of schedule in planting soybeans with 23% of the crop in the ground nationally compared to a 5-year average of 16%.
July wheat futures are down $0.25 from a week ago at $4.64 while Greenville wheat prices are also down $0.25 on the week at $4.39/bu on Friday. A year ago, Greenville cash wheat was selling for $4.89/bu. Mississippi’s wheat crop is in mixed condition so far this year with 12% rated poor or very poor and 50% rated good or excellent. So far about 88% of the state’s wheat crop is headed out, slightly behind the 5-year average of 91%. Nationally, the wheat crop is in relatively good condition with 62% of the U.S crop rated good or excellent, much better than last year when 44% of the U.S. crop was rated good or excellent.
Cotton prices finished the week lower with South Delta cash prices trading $1.94/cwt lower than a week ago at $62.08/cwt and $2.28/cwt lower than a year ago. Nearby cotton futures are lower with July Cotton futures closing at $61.83, down $1.94/cwt from last week. Mississippi producers have currently planted about 35% of the state’s cotton crop, slightly behind a year ago and ahead of the 5-year average of 33%. Nationally, 26% of the cotton crop has been planted, right on pace with the 5-year average of 26%.
For more detail on crop futures and Mississippi local cash prices click here.
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