Corn and Soybean Good/Excellent Ratings Remain Unchanged
Monday’s Crop Progress report from the USDA showed no change for corn conditions, remaining at 72% G/E. The USDA reported reductions for Illinois (-2%), Indiana (-3%), Nebraska (-1%), Kansas (-3%), and Iowa (-1%) but increases in Pennsylvania (+15%) and Colorado (+6%) offset these losses and kept the national rating unchanged. Soybean conditions also remained unchanged at 70% G/E. At the state level, several major producers saw decreases such as Illinois (-3%), Indiana (-1%), Ohio (-3%), and Missouri (-8%). The USDA also reported that winter wheat harvest is 85% complete, compared to the 5 year average of 86%. Spring wheat conditions fell 1% to 78% G/E. South Dakota’s spring wheat conditions rose by 3% to 52% G/E.
Farmers in Germany Request 1 Billion Euros in Aid from Drought
Amid a severe drought and heat stress affecting most of Continental Europe, German farmers are calling for 1 billion euros ($1.17 billion) in aid. Joachim Rukwied, president of the German farming association, states that the drought has done 1.4 billion euros ($1.64 billion) worth of damage to grain crops. The government in Berlin has announced that they will not make a decision on an aid package until after harvest in August.
Thunderstorms Anticipated Over Missouri, Michigan This Week
The National Weather Service reports that thunderstorms are expected over central and eastern Missouri and into SW Illinois from Thursday through the end of the weekend. S Michigan and N Indiana are also expecting isolated storms later today and possibly Wednesday evening. There has been almost no rainfall over the past 30 days in Missouri and S Michigan hasn’t had significant precipitation in nearly 6 weeks.
The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)
