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USDA's weekly Crop Progress report showed the share of corn rated good to excellent fell to 53% as of Sept. 3, down from 56% a week earlier.
Soybean ratings also fell to 53% from 58%, with Kansas and Illinois posting steep declines. Heat across the Corn Belt is increasingly affecting crop condition.
Falling crop ratings signal yield risk, supporting corn and soybean prices as markets weigh the potential size of the crop.
dtnpf.comDTN StaffSep 5, 2023After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
