Crop Ratings Fall in Progress Report

Overall crop ratings fell three percent in the latest Crop Progress report, which was more than the trade had anticipated. Even though the crop is still strong, market analyst Brian Roach with Roach Ag Marketing says deteriorating conditions shows heat and high temperatures have had an effect.

He says that could help out the corn market, "And the question really becomes from a trade standpoint, is are we still talking about a 180 yield and what are the chances of that. As we look forward, we have a tighter ending stocks position. As we did a year ago, or just eight months ago, and demand has been very, very strong and so we look at this as a good bottom signal here, if not the bottom is already in in corn."

In Iowa, 68 percent of the corn crop has silked, a week ahead of last year and nine days ahead of the five year average. Corn conditions are rated 78 percent good to excellent.

Sixty-five percent of the Iowa soybean crop is blooming with 21 percent of the soybean crop setting pods, five days ahead of last year and six days ahead of the average. Soybean conditions are rated 75 percent good or excellent.

There is ongoing concern about nutrient-losses and crop damage in the northern two-thirds of the state from flood damage. Drought conditions persist in the south central and southeast parts of Iowa.