Karen BraunVerified account @kannbwx
Crop Progress expectations for June 23.#Corn conditions seen steady at 59% good/exc. Analysts see the first conditions for #soybeans also at 59% good/exc. If realized, it would be the lowest initial rating since 57% in 2008. Yield ended up 9% below trend that year.
Corn crop ratings fell 3%.
Thanks Jim!
Karen BraunVerified account @kannbwx
U.S. #corn conditions fell 3 points on the week to 56% good/excellent, led by a 14-point plunge in Ohio and sizable losses in Indiana, North Dakota, and Illinois.
Karen BraunVerified account @kannbwx
USDA/NASS says that 54% of U.S. #soybeans are in good-to-excellent condition as of June 23. Trade expectations were 59%. The five-year average for the week is 70%. This is the lowest initial rating for soybeans since 1992 (51%). #Corn conditions drop to 56% G/E (was 59%).
Initial conditions for U.S. #soybeans come in at 54% good/excellent, well below the average of 70% for the date.
Illinois, Ohio, Michigan, Indiana, and Wisconsin are all 20 points or more below the average. Together, these 5 states produced 34% of the national crop in 2018.
Karen BraunVerified account @kannbwx
Some 89% of #corn and 71% of #soybeans were emerged by June 23 (was 79% and 55% last wk).
Critically slow emergence by state (corn/soy):
Ohio 66%/45% (avg 99/92)
Michigan 63%/48% (avg 98/93)
Indiana 79%/56% (avg 98/92)
Missouri 85%/51% (avg 98/79)
It's going to be an interesting summer
We'll see how much higher the gap is tonight.
Corn opened around +4c and beans around +5c.
Even more interesting to see what happens now with very warm to hot and drier weather on tap the next 10 days.............not dry but drier.
it's early but the spike higher in previous gaps higher that continued higher right away........ has not been added to.
In fact, we are making new lows in the beans and on the lows in corn.
I have no idea where the price will go. Everything is stark raving bullish with regards to supply and the new crop.............except for the weather forecast, which is actually bearish.
If the weather dries out a bit and warms up
Especially in the ECB
Will be interesting to see if/how the corn and beans tolerate wet planting conditions with a fair bit of compaction
I expect plants are shallow rotted
Can the plant send roots down quickly enough or will problems develop
I saw the 1st signs of compaction damage on some head lands last week and it wasn't even dry as of yet
If corn show signs of stunted growth it will never out grow the damage, no matter how it looks later in the season
Historical national soybean planting progress numbers for the week ending June 23 (since 1970) versus final yields
