Markets are higher this morning with corn and beans both up 3 to start the day.
National corn condition ratings fell another point this week to 58% good/ excellent, down from 60% last year and the 64% five-year average; corn denting and maturity remained roughly in line with their LY and 5YA metrics at 87% and 37%, respectively. Corn harvest was initially reported at 4%, down from 5% both LY and on average. Soybean ratings were steady again this week at 57% g/ex, down from 63% both LY and on average; soybeans dropping leaves moved from 18% to 38% this week, above 35% LY and the 29% 5YA pace. Winter wheat plantings advanced from 5% to 12% this past week, up from 9% on this comparable week in 2020 and an 8% five-year average.
Tropical Storm Nicholas is making land fall South of Houston. Winds are being seen of 40 miles per hour and rain totals will be from 4-10 inches. Nicholas should weaken further and become a depression by Wednesday, the National Hurricane Center (NHC) said. It could still cause life-threatening flash floods across the Deep South in the next couple of days, the agency warned. Nicholas could knock out electricity and hamper restoration efforts after Ida knocked out power in Louisiana.
There is a noticeable change in the longer range weather for Brazil this morning. Some precip is starting to build around the drier areas of Brazil. This may be nothing, but could be the beginning of a pattern change and the beginning of the wet season.
Have a Safe Day!