Corn and soybean ratings decline. Spring wheat ratings surge.

The third corn condition rating of the year was released. USDA lowered last week's 74% good/excellent to 72%. The expectation was 73%. At a point so early in the growing season any model is going to be relatively poor with yield estimation. The current number is tied for #11 of the past 38 years. One ugly model would suggest yields near trend.

The second rating of the year for soybeans was released at 70% good/excellent, -2% from last week. The trade expectation was 71%. This is still a strong number and #6 in USDA's history. This would suggest lightly above trend yields.

The last planting estimate of the year was released, 93% complete vs. the 84% five year average..

Spring wheat ratings were raised in this week, +4% from last week to now 76% good/excellent. That was over the 71% expectation. This is tied from #8 for this specific week.

Winter wheat ratings increased by 2% in the latest week to 49% good/excellent condition. The trade expected a decline to 46%. The five year average for this week is 46%.

Harvest was reported at 27% complete, over the 14% five year average. The trade expected 22%.

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