Crop Condition Keeps Slipping
Already YouTube and other social media sources are filling with Harvest 2012 images as early corn harvest of what’s left has started in some drought-ravaged areas. Yield estimates for the 2012 crop have fallen too. USDA’s last crop report dropped the yield estimate to 146 bushels per acre, and a new report set for Aug. 10 could change that again. Independent sources say it’s lower. For example, the Farm Futuresestimate model now pegs the crop at 121.5 bushels per acre, which would be about a 10.1 billion bushel corn crop and put significant pressure on the market.
Soybeans: The soybean crop slid lower, but not by much in the latest report. The crop is now rated 29% good to excellent, compared with 31% a week ago. Missouri’s soybean crop is 7% good to excellent compared to 8% a week ago. Top states like Minnesota saw a drop – in the Gopher State soybean condition ratings slipped from 60% good to excellent down to 57%.