After an early run-up of summertime heat in the Corn Belt last week, grain traders are watching the latest crop progress report from the USDA to see if the condition ratings felt the effects.
In Monday’s report, 67 percent of corn was rated good to excellent. The combined total is unchanged from last week, but there was a two-point shift into the excellent category. Minnesota saw a three-point gain with 81 percent rated good to excellent. However, Indiana continues to struggle with 45 percent in good to excellent condition.
In soybeans, 67 percent was rated good to excellent, a one-point improvement from the week prior. 89 percent has emerged, which is five points ahead of average.
Winter wheat harvest saw decent gains overall from last week. 28 percent is now in the bin, up 11 points from last week. Texas harvesters saw minimal gains, up two points, but the harvest is well ahead of average with 74 percent of the crop completed.
Spring wheat continues to struggle over much of the northern tier states. 41 percent is good to excellent; however, Minnesota is the exception with 89 percent rated good to excellent.