According to the USDA, the percentage of corn and soybeans located within an area experiencing a drought each declined from the previous week as of the week ending Aug 31^st, reaching three month low levels but remaining at eight year high seasonal levels.

U.S. Drought Monitor:

The U.S. Drought Monitor showed 47% of the continental U.S. being in a moderate-to-exceptional drought state as of Aug 31^st, largely unchanged from the previous week and finishing at an eight year high seasonal level.

Corn:

Approximately 32% of corn production was within an area experiencing a drought as of Aug 31^st, down six percent from the previous week and reaching a three month low level.

The percentage of U.S. corn located in a drought state remained at an eight year high seasonal level, finishing significantly above the five year average seasonal level of just 11%. U.S. corn located in a drought state remained significantly below the 2012 seasonal level of 80%.

It is estimated that 47% of state-level corn acres had short-to-very short subsoil moisture as of the week ending Aug 29^th, down four percent from the five month high level experienced throughout the previous week.

The percentage of U.S. corn with short-to-very short subsoil moisture remained at an eight year high seasonal level as of the week ending Aug 29^th but finished significantly below the 2012 seasonal level of 89%.

Soybeans:

Approximately 28% of soybean production was within an area experiencing a drought as of Aug 31^st, down four percent from the previous week and reaching a three month low level.

The percentage of U.S. soybeans located in a drought state remained at an eight year high seasonal level, finishing significantly above the five year average seasonal level of just ten percent. U.S. soybeans located in a drought state remained significantly below the 2012 seasonal level of 78%.

It is estimated that 45% of state-level soybean acres had short-to-very short subsoil moisture as of the week ending Aug 29^th, down three percent from five month high level experienced throughout the previous week.

The percentage of U.S. soybeans with short-to-very short subsoil moisture remained at an eight year high seasonal level as of the week ending Aug 29^th but finished significantly below the 2012 seasonal level of 86%.