Crop Market Update: August 23, 2016

Corn was higher last week with Greenville cash corn currently trading $0.12 higher than a week ago and $0.09 lower than a year ago at $3.51/bu on Friday. September futures contracts are $0.12 lower on the week at $3.34/bu. Harvest is underway in Mississippi with 14% of the state’s corn crop harvested, well behind last year’s pace and the 5-year average of 32%. Nationally, about 40% of the U.S. corn crop is dented, ahead of a year ago as well as the five year average of 35%. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.

Soybean futures are trading higher this week but Mississippi soybeans are lower, with Greenville soybeans trading $0.02 lower at $10.20/bu on Friday. A year ago, Greenville soybeans were trading for $9.15/bu. Nearby September soybean futures are trading $0.28 higher than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 1% of the crop harvested compared to 6% a year ago and a five year average of 3%. Mississippi’s soybean crop condition improved some with 71% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 89% of the crop setting pods compared to a 5-year average of 85%. 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 $0.04 from a week ago at $4.27 while Greenville wheat prices are up $0.04 on the week at $3.92/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 $2.31/cwt lower than a week ago at $67.07/cwt and $1.68/cwt higher than a year ago. Nearby cotton futures are lower with October cotton futures closing at $67.57, down $2.31/cwt from last week. Mississippi producers currently have about 18% of the state’s cotton crop opening bolls, behind a year ago but ahead of the 5-year average of 17%. This week 58% 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, 16% of the cotton crop is opening bolls, slightly ahead of the 5-year average of 15%.

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