Crop Conditions Lower
Corn crop conditions were a little lower than expected; dropping to 60% good to excellent from 62% last week.
The biggest changes occurred in Illinois which dropped 7 points and Wisconsin which fell 5 points.
85% of the corn is doughing and 41% is denting, both slightly ahead of average.
Soybean ratings decreased 1% to 56% good to excellent as increases in South Dakota and Iowa were offset by declines in Illinois and Indiana.
88% of the bean crop is setting pods while 3% is dropping leaves.
US wheat harvest is winding down with spring wheat harvest now 77% complete versus 55% on average.
Cotton conditions continued to rise to 71% good to excellent from 67% last week, thanks to increases in Texas, Oklahoma and the Carolinas.
FBN’s Take On What It Means For The Farmer: The weather forecast projects good rainfall across the western Corn Belt which should help yields, but temperatures are expected to remain above normal. The warmer than normal temps have proven difficult for crops, and considering the forecast, conditions could stagnant or slip further in the weeks ahead. There is still quite a bit of uncertainty about yields which we would expect to support prices, especially after the recent fall to near the lows of the range.
EU Crop Monitor Production Update for 2021
The agency marginally trimmed soft wheat yields to 5.98 tonnes per hectare.
That slightly lower yield would be 5% above the average and about 5% above last year’s yield.
The cut primarily was due to Germany and less then appealing conditions during the last states of growth.
Rapeseed yields are seen at 3.21 tonnes per hectare, up marginally from the previous forecast and up 5% from the average.
Corn yields are seen at 7.9 tonnes per hectare, which would be up 2% versus the average.
Barley yields are seen at 4.99 tonnes per hectare, up marginally from the previous forecast and up 4.5% versus the average.
FBN’s Take On What It Means For The Farmer: The yield updates overall are a plus for grain supplies. The yield changes are not viewed as necessarily bullish or bearish but underscore that the weather there was not significantly adverse overall the past month. The cut to the wheat yield highlights that global supply concerns are present for wheat. The situation is not dire but certainly is different from the views several months ago.
FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)
The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.
