Crop Market Update: August 29, 2016

Corn was down last week with Greenville cash corn currently trading $0.20 lower than a week ago and $0.33 lower than a year ago at $3.31/bu on Friday. September futures contracts are $0.18 lower on the week at $3.16/bu. Harvest is underway in Mississippi with 30% of the state’s corn crop harvested, well behind last year’s pace and the 5-year average of 49%. Nationally, about 60% of the U.S. corn crop is dented, ahead of a year ago as well as the five year average of 52%. Favorable growing conditions have the U.S. corn crop looking good with 75% of the crop rated in good or excellent condition.

Soybean are trading lower this week, with Greenville soybeans trading $0.08 lower at $10.12/bu on Friday. A year ago, Greenville soybeans were trading for $9.04/bu. Nearby September soybean futures are trading $0.36 lower than a week ago. Mississippi’s soybean crop development is slightly behind the 5-year average as well as a year ago with 5% of the crop harvested compared to 14% a year ago and a five year average of 6%. Mississippi’s soybean crop condition remained steady with 72% of the state’s crop rated in good or excellent condition. The U.S. soybean crop is ahead of schedule with 94% of the crop setting pods compared to a 5-year average of 92%. Nationally, the soybean crop looks good overall with 73% of the nation’s soybean crop rated in good or excellent condition.

September wheat futures are down $0.44 from a week ago at $3.84 while Greenville wheat prices are down $0.43 on the week at $3.49/bu on Friday. The U.S. spring wheat crop is 81% harvested slightly behind last year but well ahead of the 5-year average of 62%.

Cotton prices finished the week higher with South Delta cash prices trading $0.14/cwt higher than a week ago at $67.21/cwt and $5.63/cwt higher than a year ago. Nearby cotton futures are higher with October cotton futures closing at $67.71, up $0.14/cwt from last week. Mississippi producers currently have about 30% of the state’s cotton crop opening bolls, behind a year ago but on pace with the 5-year average of 31%. This week 60% 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, 23% of the cotton crop is opening bolls, on pace with the 5-year average of 23%.

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