According to the USDA, the percentage of corn identified to be in good or excellent condition as of the week ending Aug 1^st declined from the previous week, finishing slightly below analyst expectations. The percentage of soybeans identified to be in good or excellent condition as of the week ending Aug 1^st increased from the previous week, however, finishing above analyst expectations

Corn:

Corn silking as of the week ending Aug 1^st was 91% complete, finishing equal to last year’s pace and ahead of the five year average pace of 86% completed.

Corn dough as of the week ending Aug 1^st was 38% complete, finishing ahead of last year’s pace of 37% completed and the five year average pace of 33% completed.

An additional 20% of the total U.S. corn crop reached the dough stage during the week ending Aug 1^st. Weekly increases in corn dough on a percentage basis were led by Illinois, followed by Nebraska and Kansas.

62% of the current corn crop was identified to be in good or excellent condition as of the week ending Aug 1^st, down two percent from the previous week. The current corn crop identified to be in good or excellent condition finished slightly below analyst expectations of 63%. 11% of the current corn crop was identified to be in very poor or poor condition, up one percent from the previous week.

Soybeans:

Soybean blooming as of the week ending Aug 1^st was 86% complete, finishing ahead of last year’s pace of 84% completed and the five year average pace of 82% completed.

Soybean pod setting as of the week ending Aug 1^st was 58% complete, finishing ahead of last year’s pace of 57% completed and the five year average pace of 52% completed.

An additional 16% of the total U.S. soybean crop set pods during the week ending Aug 1^st. Weekly increases in soybean pod setting on a percentage basis were led by Pennsylvania, followed by Michigan and Maryland.

60% of the current soybean crop was identified to be in good or excellent condition as of the week ending Aug 1^st, up two percent from the previous week. The current soybean crop identified to be in good or excellent condition finished above analyst expectations of 57%. 12% of the current soybean crop was identified to be in very poor or poor condition, unchanged from the previous week.