UIUC Weekly Outlook: Attention Shifts From Acreage to Corn and Soybean Yields
USDA once again lowered its projections for planted acres in June
Last week, 21% of the crop still had not emerged, compared to an average of only 10% in the previous 5 years, he said.
Crop condition ratings as of June 12 will be more complete, and a larger percentage of the crop is expected to be rated in good or excellent condition. Generally cooler weather, with adequate moisture, in the heart of the Corn Belt should keep crop condition ratings high in June. The first condition ratings for the soybean crop are scheduled for release today, Good said.
The near completion of planting, except for double-cropped soybeans, and less threatening weather may reduce crop concerns for now, resulting in some modest price weakness. The June 30 USDA Acreage and Grain Stocks reports will provide additional price direction, he said.
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