- Soybean planting progress was expectedly slow, but advanced to 71%, vs. the 5 yr average of 70%. Minimal work was done in the Delta due to heavy rains. Emergence was at 49% against the 5 year average of 45%. Initial crop ratings will be included next week, which should be historically strong.
- Corn crop ratings as of Sunday were unchanged at 74%, which the condition index pegged at 383, vs. 386 a year ago, which is a negligible difference. Ratings improved in MI, NE, PA and WI, and fell across KY, MO, NC and ND. All other states were little changed. As such, we maintain an initial yield projection of 167-169 BPA, though conditions will become more important in late June and beyond.
- US spring wheat crop ratings were boosted another 2% points, with good/excellent as of Sunday at 71%. This is on par with initial ratings a year ago. Winter wheat good/excellent fell 1% point to 44%, vs. 30% last year. Winter ratings fell in IL, MO and TX, but are unchanged in KS, OK, and were up 1% in NE. Winter wheat harvest progress will reported in next week’s release.
