Corn is higher this week with Greenville cash corn currently trading $0.15 higher than a week ago and $0.73 higher than a year ago at $4.46/bu on Friday. July futures contracts are $0.15 higher on the week at $4.38/bu. Mississippi producers have 71% of the state’s corn crop silking, ahead of last year’s pace and ahead of the 5-year average of 62%. Rains are improving Mississippi’s corn crop condition with 64% of the state’s crop rated in good or excellent condition, up 5% from last week. 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 lower this week, with Greenville soybeans trading $0.18 lower at $11.52/bu on Friday. A year ago, Greenville soybeans were trading for $9.83/bu. Nearby July soybean futures are trading $0.19 lower than a week ago. Mississippi’s soybean crop condition is also improving with 67% of the state’s crop rated in good or excellent condition, a 2% improvement from last week. Producers across the U.S. are slightly ahead of schedule in planting soybeans with 96% of the crop in the ground nationally compared to a 5-year average of 93%. The U.S. soybean crop looks good overall with 73% of the nation’s soybean crop rated in good or excellent condition.
July wheat futures are down $0.14 from a week ago at $4.81 while Greenville wheat prices are also down $0.14 on the week at $4.71/bu on Friday. A year ago, Greenville cash wheat was selling for $4.60/bu. Mississippi’s wheat crop is continuing to progress with 84% of the state’s wheat crop harvested, slightly behind last year’s pace and slightly ahead of the 5-year average of 82%. Nationally, the wheat crop is in relatively good condition with 61% of the U.S crop rated good or excellent, much better than last year when 41% of the U.S. crop was rated good or excellent. The U.S. winter wheat harvest is slightly behind schedule with 25% of the U.S. wheat crop harvested compared to a 5-year average of 28%.
Cotton prices finished the week higher with South Delta cash prices trading $0.75/cwt higher than a week ago at $65.00/cwt and $2.12/cwt higher than a year ago. Nearby cotton futures are lower with July Cotton futures closing at $64.75, up $0.18/cwt from last week while more distant futures contracts are all higher. Mississippi producers currently have about 35% of the state’s cotton crop squaring, ahead of a year ago and ahead of the 5-year average of 32%. This week 60% of Mississippi’s cotton crop is rated in good or excellent condition while 54% of the U.S. crop is in good or excellent condition. Nationally, 22% of the cotton crop is squaring, right on pace with the 5-year average of 21%.
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