Ratings decline for all spring planted crops. Winter wheat posts a strong showing.

A 3% drop in corn condition ratings was posted this week. It is now at 69% good/excellent. This was on the trade expectation. This now puts corn in mixed territory. Of the prior 10 years there were five better and five worse.

In prior weeks we noted corn ratings could have implied the current view on yields was lightly above starting trend. Though ratings and yield models are quite unreliable at this time of year, this new rating would suggest we are now lightly below trend.

Soybean ratings slipped 3% from the prior week. Now at 67% as of Sunday, they were just under the 68% trade expectation. Soybeans have slipped from #6 as of last week for USDA's history to now tied for #11. As with corn, any model using ratings at this time of year is not a good judge of final yields. For whatever accuracy it does have, US soybean yields would still be slightly above starting trend.

The last planting estimate of the year was released, 97% complete vs. the 95% five year average..

Spring wheat ratings posted a strong 4% increase on the prior Monday's Crop Progress report. Today's report dropped them by 5% to now 71% good/excellent. The trade expected a 1% decline to 75%. This is tied for #15 of the prior 30 years.

Winter wheat ratings increased by 3% in the latest week to 52% good/excellent condition. The trade expected no change from last week's 49%. The five year average for this week is 46%.

Harvest improved from 27% last week to now 41%. This was on the trade expectation. It is over the 25% five year average.

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