Markets are down hard to start the day with corn down 20 and soybeans down 23.
Corn ratings remained steady last night with 64% of the crop rated good to excellent. This is unchanged from last week and 1% below the five year average. The current ratings are most similar to 2017 and 2021 in comparison. Both of these years suffered further declines in the coming weeks, but both still stand as the two highest yielding national crops on record.
The Midwest remains dry this week but chances will pick up starting Saturday in the northern areas for rain. Extended maps are more variable with forecasters seeing decent rain chances in the north for the 6-10 day range. Those chances move into the southeast areas in the 11-15 day range. Look for extreme heat for the heart of the corn belt, with more variability in temperatures moving forward.
Weather will continue to move this market higher and lower as we move thru the growing season. Rains are needed with the excessive heat we will see in the coming days, but overall the crop is in line to hit the USDA’s 177 bpa level if not exceed it.
Have a Safe Day!