US Crop Progress Report: Crop Rating Lower.

Jul 24, 2017

USDA Reports www.USDA.gov

The USDA released the weekly Crop Progress report on Monday.

The report noted the national condition ratings for corn and soybeans declined slightly over the past week and are lower than the previous year's ratings.

Weather last week in key U.S. growing areas varied widely, from continued drought conditions in parts of the Plains to flash floods in portions of the Midwest.

As of Sunday, 64% of U.S. corn is in good to excellent condition, down 1% on the week and 12% below this time last year, while 40% of the crop is silking, compared to the five year average of 47%.

61% of soybeans are rated good to excellent, 1% less than a week ago and 10% lower than a year ago. 52% of the crop is blooming and 16% of beans have reached the pod setting stage, both a little bit faster than normal. 75% of the winter wheat crop is harvested, compared to 73% on average.

35% of spring wheat is in good to excellent shape, down 1%, while 41% is called poor to very poor. 91% of spring wheat has headed, slightly ahead of usual.

52% of U.S. pastures and rangelands are rated good to excellent, a 1% week to week decline.

For the full report and the lists by state visit the following link.

http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-07-24-2017.pdf

Video: Is China Buying US Soybeans + USDA Nov 14th Crop Report could be “Game Changing”

After a week of a U.S./China trade truce, markets/trade is skeptical that we have not seen a signed agreement nor heard much from China or seen any details. There are rumors that China is buying soybean futures & not the physical. Trust in Trump?
12 MMT of U.S. soybean purchases by China by year-end is better than 0 but we all need to give it more time and give it a chance to unfold. China did lower the tariffs on Ag and is buying U.S. wheat and sorghum.
U.S. supreme court could rule against Trumps tariffs, but the Trump administration does have a plan B.
U.S. government shutdown is now the longest in history at 38 days.
But despite a U.S. government shutdown we will be getting a USDA November crop report next Friday and it could be “game changing.” If the USDA provides a bullish surprise with lower U.S. corn and soybean yields and ending stocks that are lower than expected both corn and soybean futures will break out above their ceilings at $4.35/bu and $11.35/bu respectively.
The funds continued their selling in live and feeder cattle futures on continued fears that the Trump administration want to lower U.S. beef prices. The fundamentals have not changed, only market psychology has.
Stocks markets continue to worry about a weak U.S. job market, but you can blame ChatGPT for that. In the future, we will have a more efficient, productive and growing economy with a higher unemployment rate until we have more skilled AI workers.
After 34 new record highs in the S & P 500 and 124 new records in the NASDAQ in 2025 we are back to a correction and investor profit taking as AI valuations may have gotten too stretched near-term ahead of NVDA’s 3rd quarter earnings announcement on Nov. 19th. But this is not an AI bubble.
75% of Tesla shareholders approved a $1 trillion pay package for Elon Musk!
It has rained in South America in the last 7 days, but both the American and European models agree that Central Brazil remains dry in the next 14-days!

BSE discovered in Alabama

Not even a tornado could prevent a Saskatchewan farmer from completing fieldwork