Corn did open the evening session higher, but gains were extremely short-lived; the trade expects crop ratings to steady out at some point with forecasts looking better, but that settling has yet to arrive and corn and soybean ratings are among the worst at this point in the season since 1988.
Thursday’s USDA Hogs and Pigs Report is expected to show all U.S. hogs and pigs as of June 1 at 71.808 million head, or 99.3% of last year; hogs kept for breeding are seen at 99.4% of last year, with marketings at 99.3% of last year.
Rain will be confined to the NW belt today with scattered actions favoring the western and southern belt up into the weekend; extended maps are still showing better precipitation chances, lightest in the northern belt. Temp forecasts continue to run on the high side of normal, though only slightly, up into July.
The ratings of corn, soybeans, and spring wheat again declined over the past week. The US corn crop is now rated 50% Good/Excellent, down 5% from a week ago. The Poor/Very Poor rating increased to 15% of the crop, up 3 points on the week. The Illinois corn crop dropped to just 26% G/E. The nation’s corn crop is 4% in the silk stage which is equal to the five-year average. The soybean crop rating declined 3% on the week and now stands at 51% G/E. The poor/very poor rating increased to 14% of the crop, up 2% from last week. The G/E spring wheat rating was down 1% on the week to come in at 50%. The spring crop is also 31% headed. The winter wheat crop rating improved on the week to 40% G/E. This reflects the higher yields that are being found. Winter wheat harvest advanced to 24% on the week but is still short of the 33% that is normal. While not typically followed, the US pasture condition is now at 44% G/E and providing adequate grazing conditions. The question now is if this week’s rains will improve these ratings. Now that the condition report is out trade will resume positioning for Friday’s USDA reports, along with month and quarter end.
Have a great day!