Highlights
Initial harvest reports are pointing toward smaller crops than USDA projected for soybeans and corn. Consensus is that soybeans are suffering here in September more yield loss than corn and we would agree.
The nation’s corn conditions lost 3% out of the top two categories to 53%; the market expected a 2% decline. Corn in the dough stage 93% vs. 92% average. Corn dented 67% vs. 65% average. Corn maturity is 18% versus 16% average.
Soybeans lost 5% to 53% good or excellent; the market expected a 3% decline. The percentage of the crop dropping leaves is 16% vs. 13% average.
The US winter wheat crop is 1% planted versus 3% average and 3% expected.