Crop progress report Monday afternoon showed the good to excellent category in corn dropped 1 % from last week to 60 % this week. Illinois saw the biggest change in ratings as it dropped 5 % in the G/E category on a week/week basis to 58 %. The Corn Condition Index was unchanged @ 99 % vs 106 % last year. Corn silking is pegged @ 93 % vs 85 % last week vs the 5-year average of 94 %. Corn in the dough stage is 42 % vs 23 % last week vs the 5-year average of 44 %. Corn dented is pegged @ 7 % vs the 5-year average of 11 %.
Soybeans good to excellent category was up 1 % from last week to 60 %. South Dakota and North Dakota saw their G/E ratings go up 4 % and 3 % respectively. The Soybean Condition Index also rose 1 % vs last week to 99 % vs 105 % last year. Soybeans are now 90 % bloomed vs 82 % last week vs the 5-year average of 88 %. Soybeans setting pods was pegged @ 65 % vs 48 % last week vs the 5-year average of 62 %.
The numbers from the conditions report would suggest a supportive market to corn and neutral to soybeans. The corn market still has a difficult time getting any traction underneath of it due to large old crop supplies and cheap South American corn available to the world market. Soybeans got a little support today due to continued dry weather in western parts of Iowa.
Corn was 3 cents lower while soybeans were 1-2 cents higher. Soft wheat traded 6 cents lower on the day. Tomorrow’s trade will be about positioning ahead of Thursday morning’s USDA World Agricultural Supply and Demand report.
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