Weekly USDA crop condition report came out with the national corn rating 48% good/excellent, down 8% from last week. Trade estimates were looking for a decrease around 4-5%. Iowa came in at 62% g/e down 6% from last week. Missouri was the surprise of the release coming in at 18% g/e down 16% from last week leading the nation in the lowest rating followed closely by Indiana at 19%. Similar to corn soybeans came in down 8% with g/e rating of 45% nationally. Iowa beans are 59% g/e down 4% from last week. It’s been a tough growing season in Missouri as they lead the nation in the worst ratings not only in corn but beans as well with a rating of 18% g/e. Needless to say lack of rain is really starting to be felt across the eastern corn belt. Poor condition ratings and minimal rain in the 5 day weather forecast has opening calls higher across the board.
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