This week we are talking about Crop Ratings and the USDA Quarterly Stocks and Acreage Report.
As of June 22, NASS estimated that 72% of the corn crop was in a good-to-excellent condition which is up 1 % from 71% the previous week. It was also well above 56% at the same time a year ago.
"Iowa and Minnesota, both at 85%, and Wisconsin, at 80%, had the highest good-to-excellent corn ratings," said DTN Senior Analyst Dana Mantini.
NASS estimated that 2% of corn was silking, which is slightly ahead of 1% last year and equal to the five-year average.
NASS estimated national soybean crop condition at 70% good to excellent, down 2 percentage points from 72% the previous week but well above 54% at the same time last year.
"Iowa at 84%, Wisconsin at 82%, Minnesota at 81% and Nebraska at 77% had the highest good-to-excellent soybean ratings, while Ohio and Michigan were both at 57% good to excellent and Illinois was at 60% good to excellent. Soybeans in very-poor-to-poor condition nationwide rose to 5% from 4% a week ago," Mantini said.
With the USDA Quarterly Acreage and Stocks report coming out on June 30, 2020, there is potential for price volatility depending on what the USDA numbers say. The market will look to the updated numbers for direction and will pay close attention to updated weekly crop conditions and forecasts.
If you have any marketing questions, please feel free to contact the Crystal Valley Grain Marketing Team.
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