AGRIBUSINESS:Crops Doing Well Despite Heavy Rain

This year’s corn and soybean crops are still doing well according to Monday’s Crop Progress report. The percentage of Iowa corn in the “good to excellent” category fell by 4 points from last week, it is now at 79 percent good to excellent. Iowa soybeans only declined by 3 points, the crop is now 76 percent good to excellent. Corn and soybean markets are anticipating the June 30th Stocks and Acreage reports out from USDA next Monday. Until then, shifts in the corn trade, including a recent rally, is contributed to friendly weather across the corn belt. Market analyst Don Roose with U.S. Commodities says, “The crop conditions report came out and said generally we’re sitting at very lofty levels, and so the market is back under pressure going into a major report June 30th.” On soybeans, Roose says, “Soybean market continues to try and hold in here. We’re still having aggressive imports coming in, the crop ratings on soybeans also very lofty levels, higher than what the trade thought.”

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