Corn was down last week with Greenville cash corn currently trading $0.19 lower than a week ago and $0.27 lower than a year ago at $3.41/bu on Friday. September futures contracts are $0.10 lower on the week at $3.24/bu. Mississippi producers have just started harvest with 4% of the state’s corn crop harvested, slightly behind last year’s pace and the 5-year average of 6%. Mississippi’s corn crop condition declined slightly with 62% of the state’s crop rated in good or excellent condition. Nationally, about 53% 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 74% of the crop rated in good or excellent condition.
Soybean markets are trading lower this week, with Greenville soybeans trading $0.18 lower at $10.15/bu on Friday. A year ago, Greenville soybeans were trading for $9.83/bu. Nearby September soybean futures are trading $0.32 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 86% of the crop setting pods compared to 81% a year ago and a five year average of 80%. Mississippi’s soybean crop condition declined some with 67% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 69% of the crop setting pods compared to a 5-year average of 61%. 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 up $0.08 from a week ago at $4.16 while Greenville wheat prices are up $0.08 on the week at $3.81/bu on Friday. The U.S. winter wheat harvest is slightly ahead of schedule with 94% of the U.S. wheat crop harvested compared to a 5-year average of 91%. The U.S. spring wheat crop is rated 68% good or excellent condition, slightly worse than last year when the crop was rated 69% good or excellent.
Cotton prices finished the week higher with South Delta cash prices trading $2.48/cwt higher than a week ago at $76.14/cwt and $15.62/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $76.64, up $2.48/cwt from last week. Mississippi producers currently have about 85% of the state’s cotton crop setting bolls, right on pace with a year ago and the 5-year average of 86%. This week 55% of Mississippi’s cotton crop is rated in good or excellent condition while 48% of the U.S. crop is in good or excellent condition. Nationally, 70% of the cotton crop is setting bolls, slightly behind the 5-year average of 72%.
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