17/6/25 Prices

17/6/25 Prices

US corn emergence is now at 94% nationally. The central corn belt states of Illinois & Indiana continue to lag a little, but did make good week on week progress. The USDA rated the national corn crop at 59/13 = 72% G/E. A quick look at the weekly rainfall data for the US corn belt […]

US corn emergence is now at 94% nationally. The central corn belt states of Illinois & Indiana continue to lag a little, but did make good week on week progress. The USDA rated the national corn crop at 59/13 = 72% G/E. A quick look at the weekly rainfall data for the US corn belt indicates conditions are generally pretty good. The eastern corn belt is potentially a little wet, and the western corn belt is potentially a little dry, but a 72% G/E rating is good. Soybean emergence is 84% against the 5 year avg of 83%, and the crop is rated at 66% G/E. There's been heavy rain across much of the lower Midwest over the last 7 days resulting in 2pt reduction in the G/E rating for US soybeans. 5% of the Texas cotton crop is setting bolls. The US crop rating for cotton isn't great though, at 48% G/E, Texas rated just 35% G/E. 69% of the US sorghum crop has been sown, this is behind the 5 years avg of 75% for this time. Oklahoma continues to see delays due to wet weather. The wet weather is also causing some delays to hard red winter wheat harvest in Oklahoma. The 5 year average shows that they would have normally harvested 46% of the wheat crop their by now, and we are currently seeing just 30% in the bin. This is leaving a large portion of the HRWW crop exposed to recent rainfall. Kansas is in much the same predicament, with just 3% harvested against a 5 year average pace of 11%. Week on week we see the US winter wheat crop condition rating falling 2pts from 54% G/E to 52%. Sometimes you see data that makes you wonder what the analyst put in their coffee in the morning. The week on week change to the Oklahoma HRWW crop condition is one such data set this week. Last week OK was rated at 58% G/E, this week 62% G/E, while the G/E rating for Texas HRWW was back 4pts to just 37%, and Kansas was back 1pt to 49%. Yet we see Oklahoma as one of the states that has taken the biggest hit with rainfall over the last 14 days. The forecast continues to be wet across the central US corn belt and the Canadian and US spring wheat belt. This may continue to weigh on wheat and corn futures this week. The punters appear to be taking any improvement in Chicago futures as a selling opportunity, as per last night.