Tuesday June 15, 2021

  • Despite seeing a decline in crop conditions this week markets continue to struggle against improving weather forecasts
  • So long as cooler wetter weather is on tap for the next 10 days the corn and soybean markets feel relief that they will get the moisture they need in time before irreversible damage to the crops
  • Weekly USDA Crop conditions report
    • Corn ratings fell 4 points this week to 68% good/excellent – now sitting below 5 year average ratings of 70% g/e
    • Soybeans ratings fell 5 points to 62% g/e – now also below average of 68% g/e
    • Winter wheat ratings also down to 48% g/e compared to average of 53% g/e
      • Harvest continues to inch along at 4% complete compared to the average pace of 15% completion