According to the latest USDA crop condition report (published 20th June), 96% of US corn crop (in 18 corn-growing states) has emerged, up 3% week-on-week (w-o-w) and 2% above the five-year average. The crop condition was rated at 55% good-to-excellent condition, down 6% w-o-w due to the current dry weather in the Midwest. Significant decreases were seen in the states of Illinois, Iowa and Dakota. According to market sources, the current rate is the worst since 1988.
For the US winter wheat, harvest progressed this week by 7% w-o-w to 15% nationwide, still behind the five-year average pace (20%). Crop condition was rated 38% good-to-excellent condition, unchanged from the previous week, but ahead of last year’s rating of 30%. According to market players, heavy rains in the states of Texas and Oklahoma, as well as the Plains, are causing some delays in harvest progress. The spring wheat crop is now 98% emerged, up 8% w-o-w and 3% ahead of the five-year average. According to the USDA crop report, 51% of the crop was rated good-to-excellent condition, 9% below last week and 8% below the five-year average. According to weather forecasts, hot and dry conditions will continue to impact large portions of crops, and market players will continue to closely monitor the weather.
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