Corn is down this week with Greenville cash corn currently trading $0.17 lower than a week ago and $0.58 lower than a year ago at $3.45/bu on Friday. September futures contracts are $0.17 lower on the week at $3.35/bu. Mississippi producers have 60% of the state’s corn crop denting, ahead of last year’s pace and right at the 5-year average of 60%. Mississippi’s corn crop condition remains steady with 61% of the state’s crop rated in good or excellent condition. Nationally, about 13% of the U.S. corn crop is in the dough state, right on pace with a year ago as well as the five year average. Favorable growing conditions have the U.S. corn crop looking good with 76% of the crop rated in good or excellent condition.
Soybean markets are trading lower this week, with Greenville soybeans trading $0.66 lower at $10.07/bu on Friday. A year ago, Greenville soybeans were trading for $10.06/bu. Nearby August soybean futures are trading $0.66 lower than a week ago. Mississippi’s soybean crop development is slightly ahead of the 5-year average as well as ahead of a year ago with 65% of the crop setting pods compared to 59% a year ago and a five year average of 60%. Mississippi’s soybean crop condition is steady with 65% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 35% of the crop setting pods compared to a 5-year average of 26%. Nationally, the soybean crop looks good overall with 71% of the nation’s soybean crop rated in good or excellent condition.
September wheat futures are up $0.01 from a week ago at $4.25 while Greenville wheat prices are unchanged on the week at $4.05/bu on Friday. The U.S. winter wheat harvest is slightly ahead of schedule with 83% of the U.S. wheat crop harvested compared to a 5-year average of 79%. The U.S. spring wheat crop is rated 73% good or excellent condition, slightly better than last year when the crop was rated 69% good or excellent.
Cotton prices finished the week lower with South Delta cash prices trading $1.34/cwt lower than a week ago at $72.02/cwt and $8.43/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $72.52, down $1.34/cwt from last week. Mississippi producers currently have about 72% of the state’s cotton crop setting bolls, ahead of a year ago and ahead of the 5-year average of 64%. This week 55% of Mississippi’s cotton crop is rated in good or excellent condition while 52% of the U.S. crop is in good or excellent condition. Nationally, 46% of the cotton crop is setting bolls, slightly ahead of the 5-year average of 43%.
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