Tuesday June 8, 2021

  • Crop conditions ratings in the U.S. falling this week as a result of the widespread hot dry weather – further declines expected as long as conditions remain
  • Markets sitting off yesterdays highs, we will see today if the declining conditions are enough to challenge previous highs made on Sunday overnights
  • Weekly Crop Condition and planting report
    • Corn: emergence now at 90% – compared to 5 year average of 82%, conditions fell from 75 to 72% good/excellent this week – now sitting just above 5 year average rating of 71% g/e
    • Soybeans: planting 90% complete, average 79% – this week we got the initial crop conditions ratings for the soybean crop and they came in at 67% g/e – below both last years and the average initial conditions of 72% g/e
    • Winter wheat: conditions rose this week to 50% g/e – still trailing average by a few points – initial harvest reported at 2% complete
  • Weather continues to dominate the market discussion and will continue to be the number one topic through this growing season as the U.S. does not have bushels to lose