Baird analyst Mircea (Mig) Dobre provided the following quick take following this week’s USDA Crop Progress report.
Corn conditions were slightly worse vs. last week (still improved vs. 2024), while soybean conditions were unchanged. The percentage of corn crop rated good-to-excellent fell 2% week-over-week to 70%, soybeans were unchanged at 66%.
“Heavy rain is in the forecast this week across key corn/soy states. Corn (down nearly 4% in the past week to $4.20/bushel) and soybeans ($10.60/bushel) remain below levels needed for incremental equipment investment,” he notes. “Current conditions consistent for now with strong yield forecasts, commodity prices likely remain pressured.”
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