Crop Market Update: August 2, 2016

Corn was up slightly last week with Greenville cash corn currently trading $0.15 higher than a week ago and $0.16 lower than a year ago at $3.60/bu on Friday. September futures contracts are unchanged on the week at $3.35/bu. Mississippi producers have 72% of the state’s corn crop denting, ahead of last year’s pace and slightly behind the 5-year average of 76%. Mississippi’s corn crop condition improves slightly with 64% of the state’s crop rated in good or excellent condition. Nationally, about 30% of the U.S. corn crop is in the dough state, ahead of 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 higher this week, with Greenville soybeans trading $0.26 higher at $10.33/bu on Friday. A year ago, Greenville soybeans were trading for $9.55/bu. Nearby August soybean futures are trading $0.26 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 79% of the crop setting pods compared to 72% a year ago and a five year average of 70%. Mississippi’s soybean crop condition improved some with 70% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 54% of the crop setting pods compared to a 5-year average of 44%. Nationally, the soybean crop looks good overall with 72% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are down $0.18 from a week ago at $4.08 while Greenville wheat prices are down $0.32 on the week at $3.73/bu on Friday, the lowest price in more than seven years. The U.S. winter wheat harvest is slightly ahead of schedule with 89% of the U.S. wheat crop harvested compared to a 5-year average of 86%. The U.S. spring wheat crop is rated 68% good or excellent condition, slightly worse than last year when the crop was rated 70% good or excellent.

Cotton prices finished the week higher with South Delta cash prices trading $1.64/cwt higher than a week ago at $73.66/cwt and $11.90/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $74.16, up $1.64/cwt from last week. Mississippi producers currently have about 78% of the state’s cotton crop setting bolls, right on pace with a year ago and the 5-year average of 78%. This week 57% of Mississippi’s cotton crop is rated in good or excellent condition while 50% of the U.S. crop is in good or excellent condition. Nationally, 54% of the cotton crop is setting bolls, slightly behind the 5-year average of 57%.

For more detail on crop futures and Mississippi local cash prices click here.