Corn was down last week with Greenville cash corn currently trading $0.02 lower than a week ago and $0.20 lower than a year ago at $3.39/bu on Friday. September futures contracts are $0.02 lower on the week at $3.22/bu. Harvest is underway in Mississippi with 11% of the state’s corn crop harvested, behind last year’s pace and the 5-year average of 16%. Mississippi’s corn crop condition was steady with 62% of the state’s crop rated in good or excellent condition. Nationally, about 73% of the U.S. corn crop is in the dough state, ahead of a year ago as well as the five year average of 60%. 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 higher this week, with Greenville soybeans trading $0.07 higher at $10.22/bu on Friday. A year ago, Greenville soybeans were trading for $9.37/bu. Nearby September soybean futures are trading $0.11 higher 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 89% of the crop setting pods compared to 86% a year ago and a five year average of 88%. Mississippi’s soybean crop condition improved some with 69% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 80% of the crop setting pods compared to a 5-year average of 75%. 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 $0.07 from a week ago at $4.23 while Greenville wheat prices are up $0.07 on the week at $3.88/bu on Friday. The U.S. spring wheat crop is rated 66% good or excellent condition, slightly worse than last year when the crop was rated 68% good or excellent.
Cotton prices finished the week lower with South Delta cash prices trading $6.76/cwt lower than a week ago at $69.38/cwt and $4.47/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $69.88, down $6.76/cwt from last week. Mississippi producers currently have about 13% of the state’s cotton crop opening bolls, slightly behind a year ago but ahead of the 5-year average of 7%. This week 57% 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, 12% of the cotton crop is opening bolls, slightly ahead of the 5-year average of 10%.
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