The condition of the corn crop, though it's still early, shows further signs of slipping. In USDA's Monday report corn fell to 66% good to excellent, down from 72% last week. And this latest report puts the corn crop condition lower than at the same time last year.
Meanwhile, soybeans dropped in those USDA condition ratings too. Key here is that the starting point with the first report last week came in below what many thought the crop would receive. This week, soybeans slid to 60% good to excellent, down five percentage points from the week before. And this year's crop is running at a lower condition rating versus the same week last year.
While external market pressures continue to wreak havoc with the trade, these condition reports appear to be pointing to a weather market ahead, with all that implies to your risk management plan. During Monday's Market Update podcast (you can listen to the podcast using the player on the home page) Farm Futures Senior Editor Bryce Knorr commented that a weather market does bring pricing opportunities for producers.
Here's a look at other crops from Monday's USDA Crop Progress Report:
Winter Wheat: The report shows 92% headed, and 35% of the crop is harvested, about three times the average for this time of year. For the remaining crop in the field, condition stayed about the same as last week with 53% reporting good to excellent compared to 52% at that level last week.
Spring Wheat: For this crop, 15% is headed. The condition slipped a bit to 75% good to excellent, from 78% good to excellent the week before.
Sorghum: About 85% of the crop is planted with 18% heading, which is ahead of the average. The condition of the crop is running ahead of last year at this time at 49% good to excellent versus about 39% at that level a year ago.
Cotton: With 96% of the crop planted, USDA reports that 19% is already squaring, which is nearly twice the five-year average. And in this report 51% of the crop is showing good to excellent, which is a drop from the 54% level last week.
Peanuts: The peanut crop is at 96% planted and latest condition report shows 69% of the crop is good to excellent. That's an improvement over the 61% good to excellent from last week. And this year's crop is faring much better than last year when only 29% of the crop was good to excellent by this time.
Rice: The rice crop is moving along nicely with 4% headed, which is well ahead of average. About 96% of the crop has emerged and in the latest condition ratings, the crop shows an improvement to 69% good to excellent versus 65% last week.