According to the latest USDA crop condition report (published 11th September), the US corn harvest is underway and is slightly ahead of the previous year’s pace and five-year average. According to the report, about 5% of the crop was harvested. The US corn conditions have shifted slightly lower this week, reaching 52% good-to-excellent condition, down 1 percentage point from the week prior (53%) and 1 percentage point lower compared to the same time last year (53%). According to market players, the ongoing drought and its consequences on the final corn yield remain uncertain.
The crop progress report also revealed that the US 2023 spring wheat harvest progress is almost complete, reaching 87%, up 13% from a week prior and 4 percentage points ahead of last year. According to the weather forecasts, the central and southern plains are forecast to get some precipitation in the next following weeks which should benefit the US winter wheat plantings.