The USDA Crop Progress report Monday afternoon showed corn conditions improving by 2% good to excellent to 64%. This compares with 62% last week and the long-term average at 66.8%. Soybean conditions were unchanged at 60% good to excellent. This is down 5% from the long-term average of 65%. Spring wheat conditions were reported at 11% good to excellent, up 1% from last week. Spring wheat harvest was a little ahead of expectations at 38% harvested.
The weather condition has been great for crops as rain pushed through some of the driest crop belts in the nation. However, the Chinese market has been purchasing increasing amounts of soybean, leading to an imbalance in supply and demand. The price of Soybean has been on the rise after yesterday’s dip.
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