The weekly Crop Progress report issued by USDA-NASS (National Agriculture Statistics Service) showed this year’s corn crop condition as of the last weekend in August as unchanged from the prior week.
Sixty-two percent of the corn crop is rated in good or excellent condition, compared to 75% a year ago. The soybean crop condition improved by a miniscule amount from the prior week with 61% of the crop rated in good or excellent condition compared to 73% a year ago.
These corn and soybean ratings are consistent with yield per acre estimates made by USDA-NASS in the second week of August that result in corn production this year declining 7% from last year and soybean production increasing by 2%, based on a 7% increase in area sown to soybeans.
Independent crop tours have been sampling crop conditions during the last two weeks and report more variable crop conditions across the Midwest than average and expect to see USDA-NASS reduce their estimate of the coming crop harvest slightly in early September, but not by enough to significantly affect supply and demand prospects for these commodities in the coming year.