Crop ratings out yesterday afternoon showed corn unchanged at 68% Good/Excellent. Illinois, Indiana, Michigan, and Wisconsin are all below last year with Iowa, Ohio, Minnesota, Nebraska, Missouri, and Kansas all better. The 68% rating for this time of year is very good with some estimating a 160-165 bu/ac final yield with a normal August and September growing period.
Soybean ratings were down 1% to 66% G/E vs 63% last year. While the condition rating is very good, there is also a greater risk of an early frost affecting more of the late planted beans this year. Many of you have heard July being the coolest ever in Illinois but it should also be noted that it was also the coolest for Iowa, Indiana, and Ohio. July received 2nd place all time for cool temps in Missouri, Wisconsin, and Michigan.
USDA report out tomorrow morning with updated acreage survey.
Basis levels remain incredibly strong as buyers look for grain with a benign corn CBOT and small soybean supplies.
Scott Meyer
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