- Most of the corn is rated good at 59%, below last year's ratings.
- Markets climb higher as more rain moves across the Midwest, hindering planting and growth development.
- It is still unclear whether President Trump and President Xi will meet at the G-20 summit next week.
The planting progress and corn rating report was released at 3 p.m. CST today and will likely drive the trade for the rest of the week:
- Corn is 92% planted, 83% last week and 100% five-year average
- Soybeans are 77% planted, 66% last week and 93% five-year average
Corn conditions are at 1% very poor, 3% poor, 18% fair, 59% good and 19% excellent. For comparison, the 2018 crop rating at this time was 75% good to excellent, while the 7-year average is 69% good to excellent.
- Grain markets continue to increase as heavy rains move into the U.S. Midwest. Corn futures hit a five-year high on Monday climbing more than 2% in futures on fears of rain damages to the crop.
- Expect South America to keep close eyes on U.S. corn production as the country will likely pick up the acres we lose.
- Soybeans were also drawing support from the wet weather. Planting will likely be late as trade begins pricing in later plantings and the possibility of threats to the crops in August.
- The wet forecast is projected to stall winter wheat maturing and harvesting, reduce winter wheat quality, and likely lead to flooding.
- Cool temperatures this week across the corn belt will slow germination and early growth for corn and soybeans, but temperatures are expected to turn warmer this weekend and next week.
U.S.- China Trade Update
- President Trump says he’s ready to levy tariffs on the remaining $300 billion in Chinese goods if President Xi does not agree to meet about trade at the G-20 summit in Japan from June 28-29. CNBC reports China’s president has threatened to not attend, saying the summit is not a place to negotiate a 2,500-page agreement.
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