The Weekly Crop Condition Report was a shocker to the market.
The market expected the nation’s corn crop to be 67% good or excellent, down 2% from last week, but it was down 5% from last week at 64% good or excellent. This year’s corn crop is rated 9% lower in the good to excellent categories than a year ago this date. Last year’s crop yielded 173 bushels and USDA projects this year’s crop at 181.5, the trend yield.
The market expected the first soybean crop rating of the year to be 65% good or excellent, but it was only 62% good or excellent. Last year’s first bean crop rating was not issued until the second week of June.
Cotton planting is 71% complete, 4% behind the five-year average and 11% behind a year ago.