Markets are higher this morning with corn up 22 and soybeans up 18.
Corn ratings fell 2% this week to 55% good/excellent, down from 60% last year and the 62% five-year average; corn silking, doughing, and denting remain behind their respective metrics with maturity initially coming in even with LY and the 5YA at 4%.
The Pro Farmer crop tour found average SD corn yields at 118.5 bpa, down from 151.5 bpa last year and the 161.6 bpa three-year average, and the worst since 2012. Average soybean pod counts came in at 871, down from 997 last year and 1,027 on average. The Eastern leg of the tour saw OH corn yields at 174.2 bpa, down from 185.1 bpa LY but above the 169.0 bpa 3YA; soybean pod counts hit 1,132 pods, down from 1,195 LY but above the 1,038 3YA.
FSA acreage data showed total acres in the US at 248,861.305 vs 254,182,188 last year. Corn acres were 86,767,676 million acres down from 91,360,490 last year. Beans were 86,487,293 vs 86,258,283 last year. Wheat acres were 47,445,407 vs 49,439,068. Cotton acres were 13,348,355 vs 10,904,536. Total prevent plant was 6,386,494. There were 3 million acres of prevent plant corn, a million beans and a million wheat.
With the CBOT moving higher, basis levels are going to continue to crumble. I would suggest producers lock in basis on any unsold old crop corn!
Have a Safe Day!