The recent favourable wet weather boosted the US corn crop (18 corn-growing states) condition rating for the second week in a row. According to the latest USDA crop condition report (published 10th July), US corn was rated 55% good-to-excellent condition, up 4% from last week but down 9% compared to the same time last year (64%). The biggest jump was Nebraska’s corn crop, increasing by 13% to 62%. Market players noted that even though the crop conditions have improved they are still the lowest since 2012 and weather development will remain a crucial aspect for the market sentiment going forward. The amount of corn in the dough state was reported at 3%, 1% above last year and the five-year average of 2%.
While for the US winter wheat, harvest continues at a slow pace, 46% of winter wheat was harvested, up 9% from last week yet down 16% compared to the same time last year (62%). According to market players, heavy rains in the states of Texas and Oklahoma, as well as the Plains, are the main reasons for delays in harvest progress.
The spring wheat crop is now planted but the crop conditions have declined again. According to the USDA crop report, 47% of the crop was rated good-to-excellent condition, 1% below last week and 23% below the previous year (70%).