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.
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.