Stable corn and soybean ratings reported.

Corn ratings were unchanged this week at 67% good/excellent. That was on the trade expectation. A lack of decline at this time of year, when ratings are typically in a downtrend, is important. For this week corn is rated as #16 out of 38 years.

For corn, specifically, ratings show some accuracy for yield modeling. This week's rating can explain 55% of final yields. This week's rating would imply +1.6% from starting trend. Yield would be 183.9 bpa vs. 181.0 trend view. USDA is currently at 183.2.

Soybean ratings were unchanged this week at 68% good/excellent. That was on the trade expectation. The lack of decline at this time of year, where they are normally in a downtrend, is important. Out of 38 prior years for this week this is #7.

Ratings models have moderate accuracy at this time. For what little influence they have, today's number would imply soybean yields are currently +3.3% from USDA's starting view of trend yield. It would put yields up to 53.7 bpa. USDA is currently at 53.2.

Spring wheat ratings rose 1% to 73% good/excellent. The trade expected a 1% decline. This year would be the #4 best in the 30 year history of spring wheat ratings.

Harvest was upped from last week's 18% to now 31% complete. That was on the trade estimate. The five year average is 36%.

Winter wheat harvest advanced from 93% complete last week to now 96%. The trade expected 97%. The five year average is 95%. This is the last winter wheat harvest estimate of the year.

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