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USDA's May 29 Crop Progress report rated 79 percent of the 18-state US corn crop in good to excellent condition as of May 27. That was well above the trade estimate of 72 percent and the highest initial rating since 1994, with only 3 percent in poor or very poor condition.
A strong initial condition rating signals good yield prospects and a larger expected crop, which is bearish for corn prices. The rating is early, so weather in June and July can still change the outlook.
fb.orgJohn Newton, Ph.D.May 30, 2018After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
