Soybeans also held steady at 57% good to excellent, that’s the same as last week and also the same as last year.
This week’s rating was unchanged at 54% good to excellent. In general traders were disappointed, most of the trade was expecting a slight decline.
Despite the steady ratings, we are still well below last year and well below the 20-year average.
Soybeans dropped 1% from 58 to 57% good to excellent that compares to 56% last year.
The soybean rating is below the long-term trend but keep in mind that line also includes the drought year of 2012.
When you look at the bulk of crop years we are at the lower end of the range and USDA is projecting a yield above trend.
Trend line yield is 51.5 bushels per acres and USDA is projecting 51.9.
Our ratings fell 2% down to 55% good to excellent which compares to 57% last week and 60% last year.
Not only are crop conditions below last year they are below average and therefore this would hint at U.S. yields being below trend.
But before we get overly bullish keep in mind this year’s trend line yield is 181, USDA lowered that to 177 in May based on late planting then lowered it further to 175.4.
So, USDA is already projecting a yield that is 5-6 bushels per acre below trend.
Soybeans saw 6 states show improvement again in the eastern belt with Illinois, Indiana, and Ohio all seeing improvements.
Some states in the Delta like Arkansas, Tennessee, and Louisiana saw improvements as well.
10 states seen crop conditions decline again the plains with North Dakota, South Dakota, Nebraska, and Kansas all declining as well as the central plain states.
Corn crop condition changes this week had 5 states improve and that included the eastern corn belt states of Illinois, Indiana, Ohio, and Pennsylvania.
But we saw 13 states decline, all the plain states from the Canadian border to the Mexican border.
We also had declines in the central belt in Iowa, Missouri, and Minnesota.
This was enough to push our U.S. rating percentage to 58%, a 3% drop.
Soybean condition dropped 1% down to 59% goo to excellent. That’s slightly below last year and slightly below the 20-year average.
Our corn crop conditions had a full 3% drop, that’s a big drop for one week.
We are now well below the black line which is the 20-year average and well below last year which was 64% good to excellent. Many in the trade are believing that its going to be difficult for this year’s corn crop to achieve last years yield of 177