Crops have held steady over the last week with conditions showing little change, and weather over the next week should be favorable, as the growing season pushes on.
USDA’s Weekly Crop Progress Report shows the nation’s corn crop is unchanged, holding at 67 percent good-to-excellent. 68 percent of soybeans are sitting in the top category. Spring wheat lost some traction and is at 72 percent good-to-excellent, which is down two points from last week. Also, the winter wheat harvest is in the home stretch at 93 percent complete.
Weather in the flyover states is expected to be ideal in the coming week.
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China’s pullback is hitting core U.S. commodities hard, reshaping export expectations for soybeans, cotton, grains, and livestock.
Slower grain movement may pressure basis, but falling diesel prices could help offset transportation costs.
