According to the latest crop progress report from the US Department of Agriculture, 68% of corn plants and 63% of soybean plants in the US were in excellent or good condition at the end of last week.
Although the corn rating was thus down by one percentage point on the previous week, this was within the expected range. The proportion of soybean plants rated excellent or good remained unchanged week-on-week. 88% of the spring wheat crop has already been harvested, which is well ahead of the five-year average figure of 62%. This is also likely to weigh on wheat prices, notes Commerzbank.
