Corn is higher this week with Greenville cash corn currently trading $0.12 higher than a week ago and $0.49 higher than a year ago at $4.33/bu on Friday. July futures contracts are $0.05 higher on the week at $4.18/bu. Mississippi producers have 21% of the state’s corn crop silking, ahead of last year’s pace and behind the 5-year average of 27%. Mississippi’s corn crop is showing some signs of stress with 62% of the state’s crop rated in good or excellent condition. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.
Soybean markets are trading higher this week, with Greenville soybeans trading $0.45 higher at $11.24/bu on Friday. A year ago, Greenville soybeans were trading for $9.68/bu. Nearby July soybean futures are trading $0.45 higher than a week ago. Mississippi’s soybean crop is also showing some stress due to the dry conditions last week with just 64% of the state’s crop rated in good or excellent condition. Producers across the U.S. are slightly ahead of schedule in planting soybeans with 83% of the crop in the ground nationally compared to a 5-year average of 77%. The U.S. soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition
July wheat futures are up $0.15 from a week ago at $4.97 while Greenville wheat prices are also up $0.15 on the week at $4.97/bu on Friday. A year ago, Greenville cash wheat was selling for $5.34/bu. Mississippi’s wheat crop is in mixed condition so far this year with just 47% rated good or excellent. Harvest is underway in Mississippi with 17% of the state’s wheat crop harvested, well behind last year’s pace as well as the 5-year average of 39%. 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 43% of the U.S. crop was rated good or excellent.
Cotton prices finished the week lower with South Delta cash prices trading $0.36/cwt lower than a week ago at $64.17/cwt and $1.66/cwt higher than a year ago. Nearby cotton futures are lower with July Cotton futures closing at $63.92, down $0.36/cwt from last week. Mississippi producers have currently planted about 94% of the state’s cotton crop, slightly ahead of a year ago and ahead of the 5-year average of 93%. This week 55% of Mississippi’s cotton crop is rated in good or excellent condition. Nationally, 75% of the cotton crop has been planted, behind the 5-year average of 84%.
For more detail on crop futures and Mississippi local cash prices click here.
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