Markets are firm this morning with corn up 7 and soybeans up 30 to start the day.
The USDA found 60% of U.S. corn acres to be in good to excellent condition, down 2% from a week prior in a move that slightly surprised analysts. Average trade guesses for weekly corn ratings had hovered at 61% leading up to yesterday’s report. Last year this is the week that corn conditions started their decline from 69% G/EX to 64% and eventually falling to 60% by September 14th due to a dry August and the derecho in IA.
Soybean condition ratings fell 1% lower on the week, with 56% of the crop now remaining in good to excellent condition. The condition downgrade was in line with expectations, so early morning price gains were limited on the news of lower soybean ratings. Soybean maturation rates also continue to accelerate faster than historical averages amid variable growing conditions across the country. For the week ending August 22, 97% of the crop was blooming and another 88% was setting pods, about 1% ahead of the five-year average.
The 10-day forecast is almost identical to yesterday’s run. Heavy rains are forecast to fall in Minnesota and Wisconsin. Missouri, Illinois, Indiana, and Ohio will stay dry into the end of the month. Finishing rains are not forecast for this area and yields are expected to shrink slightly. Most crops are well into maturity, so weather isn’t as big a deal anymore. Temps will heat up out West again also advancing maturity.
Have a Safe Day!