Grain Comments: 06-06-2023

Good morning:

The past week of mostly hot and dry weather for the bulk of the corn belt hit ratings harder than expected; scattered rains continue this week with more going forward, but a concrete belt rain event remains absent.

Rain remains scattered this week and mostly favoring the central and southern Plains; extended maps are varied and at least trying to bring it a bit more precipitation finally, with temps being forecasts more varied up into late June as well.

Corn planting in the United States has all but wrapped up with 96% of the crop seeded. The US corn crop is also 85% emerged, both of which are ahead of normal. Even the state of North Dakota who has been the center of attention, they are reporting 91% of the crop has been planted, greatly reducing the number of acres than may be unplanted. All interest in corn is now on condition with a weekly rating of 64% Good/Excellent. This was down 5% on the week and reflects the hot, dry weathers impact on the crop. The soybean planting progress is also in its final stage with 91% of the crop planted and emergence at 74%. The initial soybean crop rating came in below expectations at 62% G/E. Just 6% of the corn and 7% of the soybean crops are rated Poor/Very Poor which is still a good indication for high yields. Spring wheat planting has caught up to normal at 93% and the crop is 76% emerged. The crop is also rated 64% G/E. The winter wheat rating came in at 36% G/E and shows later rains have been beneficial. Even with a slow start in southern states due to heavy rains the winter wheat harvest is at 4% of the crop which is equal to the five-year average. Overnight a major dam and power plant in Kherson Ukraine was destroyed and is being credited for the sharp rally in wheat futures. This water was also used to cool one of Europe’s largest nuclear power plants.

Have a great day!