Yesterday afternoon’s weekly crop progress report show corn condition ratings IMPROVING by 2%, now at 64% good-to-excellent for the US. The market was expecting them to remain unchanged so this has us a little weaker. Iowa ratings were down 1%, but the big mover was Illinois – with their G/E ratings going up 11% in one week. Soybean ratings ended up unchanged for the US (as expected) with Iowa down 1% but Illinois was up 11% in soybeans also. Big changes in Illinois and all of them positive to crop size.
The weather outlooks really didn’t change much overnight, so what happens next to drive prices? Well, we have two trading days before the USDA report Thursday and our price action could be a little quiet up until then. There will be some discussion of course in the meantime about yesterday’s crop ratings and of course ongoing arguments about the weather, inflation, COVID, etc., etc. but let’s not kid ourselves – the report Thursday will be the big piece of news this week…
Corn is 2 to 5 cents lower
Soybeans are 4 to 7 cents higher