Corn Condition Unchanged, Soy Down 1% From Last Week

Corn condition unchanged, soybeans down 1%. Corn condition G/EX unchanged vs. last week at 61% (as expected), soybeans -1% to 62% (63% forecast). Prices have pulled back in recent weeks with Corn back to <$4.40/bu, Soybeans to $11.60/bu, remaining well below breakeven levels (>$5 Corn, $13 Soybeans) needed for incremental equipment investment. We are closely watching condition reports through August as corn G/EX ending in the low 60s could prove a clearer supply catalyst for prices to move higher post-harvest particularly should a resolution to the Iran conflict prove elusive.

Crop conditions G/EX unchanged for corn, -1% for soybeans; crop condition remains in the Low-60s indicating a slightly below average crop. 61% of corn rated G/E (unchanged week/week, -11% year/year) in line with consensus forecasts, soybeans 62% G/E (-1% week/week, -6% year/year) vs. consensus 63%.

Corn silking, dough and soybean pods setting ahead of last year, five-year average. Corn is silking 1% ahead of the five-year average (94% vs. 93%) and 1% ahead of last year and 61% of corn has reached the dough stage, 6% ahead of the five-year average and 5% ahead of last year. Soybean pod setting came in at 74%, 5% ahead the five-year average and 5% ahead of last year.