New crop confidence continues to increase, with another day in the red across most agricultural commodities. Chicago corn has been the leader of the sell off, down over c$34/Bsh and at a one month low.
The USDA’s crop progress report has been quantifying the increasing new crop confidence.
Corn planting in the US is now drawing to a close having reached 90% complete by Sunday 23rd, well ahead of the 80% long term average. Emergence of corn is also adding to US confidence as 64% of US corn is emerged, 10 percentage points ahead of average.
The theme of fast planting and emergence also being recorded for US soybeans, at 75% planted and well ahead of the 54% long term average.
Spring planting confidence also extending to spring wheat where planting is virtually complete at 94%, and 66% now emerged, 10 percentage points ahead of average.
Although winter wheat development in the US had been lagging, development is now in line with average, with 67% of the US winter wheat crop now headed. However, the condition of winter wheat slipped again, with the proportion rated good and excellent falling one percentage point to 47% good and excellent.
Why does the USDA Crop Progress Report matter?
The USDA Crop Progress Report is a weekly survey across the key US producing states, tracking the development and condition of crops. Used as a trusted and good benchmark to track the state of US crops, this is an influential report for speculative trades.
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