It was not much, but it was more than the market had expected. In its weekly crop report, the USDA lowered the US corn condition rating to 73% good to excellent, down 1% from last week. Both Illinois and Indiana, which have been hit with heavy rains, have over 20% of their corn crop rated as fair to poor.
A bigger decline in the condition rating was noted for soybeans. The US soybean condition was rated at 67% good to excellent this week, down from 69% good to excellent a week ago. Illinois, Indiana, Iowa, and Ohio all had more than 25% of their soybean crop rated as fair to poor.
Arlan Suderman, with Waterstreet Solutions, said the market was expecting the crop rating to be unchanged. Dan Hueber, with the Hueber Report, told HAT it will take a drop in crop ratings to change the market’s bearish psychology.