Today's Crop Progress/Conditions were released inline with market expectations - lower ratings on continued dry and warm growing conditions. Corn was down 8% from last week and now rated at just 40% Good/Excellent. This relates to 69% Good/Excellent at this time last year. Most notable changes were IA (down 16%), NE (down 9%), IL (down 8%, now at just 19% G/E), IN (down 7%). SD was down 6% @ 60% G/E.
Soybeans were also a little lower than last week, dropping 5% to 40% G/E. We were showing 66% a year ago. Notable changes were IA (down 11%), IL (down 8%), IN (down 6%). SD was down 4% now rated at 59% G/E.
Spring Wheat condition dropped 5% to 66% G/E. Harvest is very near in the southern reaches of the HRS belt.
Crop progress: Corn is 50% silking vs. 19% a year ago. Soybeans 44% Blooming vs. 25% Avg. Spring Wheat is 88% headed, ahead of the average of 55% and 24% at this time last year.