crop conditions 6-14-21
3 responses | 0 likes
Started by metmike - June 14, 2021, 4:25 p.m.

Big drops from the Good/Excellent to the Fair in Corn -4% and beans -5%. This was slightly worse than expected.

If not for an extremely bearish forecast, grains would be taking off tonight. However, these deteriorated crop conditions were dialed in a week ago, when the price gapped higher on Sunday Evening, 6-6-21.

However, the P/VP did not change in corn, which means a big rain can get that drought stressed crop back up to G/E.

Beans did see a +2% increase in the P/V, mainly from the N.Plains deteriorating condition though there was some decent rains in some places there last week.

The Spring wheat HRS crop deteriorated slightly from an already awful rating. Probably expected. Too much of that crop is P/VP, 27% so that no amount of rain or good weather will ever get things up to trendline yields.

By metmike - June 14, 2021, 4:28 p.m.
Like Reply


U.S. #corn conditions fell 4 pts to 68% good/excellent, below trade expectations. 

Conditions for #soybeans fell 5 pts to 62%, trade expected 65%.

 Winter #wheat harvest is slower than thought and 37% of spring wheat is good/excellent vs 38% a week ago.Image

By metmike - June 14, 2021, 4:32 p.m.
Like Reply


The dry and warm week hit Iowa and Minnesota #corn particularly hard as conditions drop 14 and 11 pts on the week. Nationally, 68% of the crop is considered good or excellent versus 72% last week.


By metmike - June 14, 2021, 4:34 p.m.
Like Reply

metmike: -5% is a dang big drop, especially with +2% in the P/VP!


62% of U.S. #soybeans were in good or excellent shape as of Sunday, down from 67% a week earlier after hot and dry weather. 

#1 and #2 producers Illinois and Iowa dropped 10 and 12 points on the week, while #3 Minnesota dropped 9.