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.
www.landmark.coop
The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results.