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USDA's weekly Crop Progress report showed corn good-to-excellent ratings fell 3 points to 72% for the week ending July 15, below analyst expectations of 74%. Soybean ratings also pulled back, with the heaviest losses in drought-affected states such as Missouri, Kansas and Arkansas.
Yield potential is still seen above average.
A surprise drop in corn ratings versus expectations adds a small bullish bias for corn and feed grain prices, though high yield potential limits the rally.
feedstuffs.comBen PotterJul 17, 2018After 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.
USDA Crop Progress showed corn condition falling 3 points to 72%, below the 74% expected, which tightened yield expectations and supported prices.
USDA's weekly Crop Progress report showed corn good-to-excellent ratings down 3 points to 72%, below expectations, which supports prices through lower yield expectations.
