Crop Conditions Deteriorate Across the Board As Dry Weather Persists

Posted on June 11, 2012


As expected, persistent dry weather has caused crop conditions to deteriorate across the board. However, the deterioration was slight. This would normally be bullish for the fertilizer stocks. However, the european debt crises has caused those stocks to move with the S&P 500, which is moving along with the EUR/USD exchange rate.

Corn

  • 66 percent of crop rated good to excellent, down from 72 percent a week ago;
  • 8 percent of crop rated very poor to poor, compared to 5 percent last week.

Soybeans

  • 97 percent of soybean crop is planted compared to 94 percent last week;
  • 90 percent of soybean crop has emerged compared to 97 percent a week ago and 58 percent a year ago;
  • 60 percent of soybean crop rated good to excellent compared to 65 percent a week ago;
  • 10 percent of soybean crop rated very poor to poor compared to 6 percent a week ago

Cotton

  • 96 percent of cotton crop is planted compared to 88 percent last week and 92 percent a year ago;
  • 19 percent of cotton crop has squared, compared to 11 percent a week ago. The 5 year average is 11 percent;
  • 51 percent of the cotton crop rated in good to excellent condition versus 54 percent last week;
  • 13 percent of the cotton crop rated in very poor to poor condition compared to 9 percent last week.

Wheat

  • 92 percent of winter wheat is headed vs 88 percent last week;
  • 35 percent of winter wheat is harvested vs 20 percent a week ago. The 5 year average for this time of year is 9 percent;
  • 53 percent of winter wheat rated good to excellent condition vs 52 percent a week ago;
  • 17 percent of winter wheat rated very poor to poor condition vs 18 percent a week ago;
  • 15 percent of spring wheat headed versus only 3 percent a week ago. The 5 year average is 2 percent;
  • 75 percent of spring wheat rated good to very good condition compared to 78 percent last week;
  • 4 percent of spring wheat rated very poor to poor condition versus 2 percent a week ago.

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