| The USDA crop progress report downgraded the crop condition scores of wheat, corn and soybeans last week as temperatures remain elevated. US corn condition rated good and excellent lost one percentage point to 64% rated good and excellent, however, crop conditions on average do decline as harvest approaches and US corn conditions now sit at near 10year average levels. The condition scores of US soybeans also declined with the proportion of the crop rated good and excellent felling by 2 percentage point to 58%. As drought conditions and excessive heat persist across the US spring wheat states, overall crop condition scores continued to deteriorate. Overall US spring wheat lost a further 2 percentage points from the good and excellent ratings, with only 9% of the US spring wheat crop rated good and excellent. Read the full USDA crop progress report here What does this mean? Although declining crop conditions as harvest approaches are nothing new, with such tight stocks and focus on weather-related risks, the falls in corn, soy and wheat lent support to global markets. European, Canadian, and GFS weather models are in conflict for rainfall forecasts across the US corn belt this week, with the GFS forecasting the least volume of beneficial rainfall. |
