In the newest Crop Progress report, USDA noted 58% of the corn crop was in a good-to-excellent condition as of week 28. Whereas that’s up 1% from the previous week, it’s 13% lower than the five-year average. Equally, soybeans continue to struggle. Just 54% of the crop was in the good-to-glorious situation, 14% less than the five-year average. John Newton, the chief economist at American Farm Bureau Federation, mentioned these are the worst crop conditions since 2012.
Using the June Acreage estimation of 91.7 million acres of corn planted or supposed to be planted, current situation rankings indicate that roughly 53 million acres are in a good-to-glorious situation, down from 64 million acres in the related condition last year, he mentioned. Importantly, the 53 million acres in a good-to-wonderful situation at this level within the growing season is the second-lowest variety of acres in the good-to-wonderful situation over the past decade, the drought year of 2012, when 30 million acres had been in the good-to-glorious condition.
Newton mentioned soybeans aren’t doing much better.
The estimation of 80 million soybean acres planted indicated 43 million acres are in a good-to-wonderful situation at this level within the growing season – down greater than 18 million acres from final year and, as with corn, the second-lowest stage during the last decade.
When the share of crops rated good-to-excellent drops, the percentage of crops rated unfavorably increases.
“The acreage estimate, there are greater than 11 million corn acres in poor or very-poor situation throughout the U.S., up almost 3 million acres from 2018 levels,” Newton mentioned. “Illinois leads the nation with practically 2 million corn acres in a poor or very-poor situation, adopted by Iowa at 1.4 million acres and Indiana at 1.3 million acres. Throughout the Corn Belt, greater than 7 million acres are in the poor or very-poor situation, up hundreds of thousands of acres from prior-year levels.”