|Crop Progress & Canadian Drought|
In last night’s USDA crop progress report, following what have been weeks of falling corn crop conditions, the USDA raised the proportion of crop rated as good and excellent by one percentage point to 65% good and excellent, just 4 percentage points behind last year.
For wheat, although the proportion of the crop rated good and excellent remained the same from last week, there was a fall in the proportion rated excellent as the overall condition continues to fall.
The condition of soybeans remained constant last week as beneficial rainfall continues to provide confidence for harvest.
Amid continued dry weather in Canada, canola prices continue to climb. The forecast is for a further week of dry weather across the northern US and into Canada.
Read the full crop progress report here