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As Harvest Approaches, Crop Conditions See Lowest Rating in Over a Decade.

Corn producer harvesting their crop.

Corn🔹(G+E%) 53
-3 pts WoW
Soybeans🔹(G+E%) 53
-5 pts WoW

Soybeans led the overnight price gains, with corn and soybeans being supported by deteriorating crop condition ratings during overnight trade, while wheat also traded higher. As of 6:30 a.m. CT, corn futures were trading mostly 2 cents higher, soybeans were 11 to 13 cents higher, winter wheat markets were 4 to 7 cents higher, and spring wheat was fractionally to 6 cents higher. Front-month crude oil futures were modestly weaker, while the U.S. dollar index was about 175 points lower.

Click here for details.

Here are the highlights from USDA’s crop progress and condition update as of September 3:

  • Corn: Dough stage reached 93% (92% average); Dented stage reached 67% (65% average); Mature stage reached 18% (16% average); Good/excellent rating stands at 53% (down from 56% last week).
  • Soybeans: Setting pods reached 95% (94% average); Dropping leaves reached 16% (13% average); Good/excellent rating is at 53% (down from 58% last week).
  • Cotton: Setting bolls reached 94% (95% average); Bolls opening reached 33% (32% average); Good/excellent rating stands at 31% (down from 33% last week).
  • Spring wheat: Harvested reached 74% (77% average).
  • Winter wheat: Planting reached 1% (3% average).
Corn

Corn demand from Mexico only partially offsets smaller shipments to other markets… 

Mexico is poised to register a new record for corn imports from the U.S. In contrast to declines in the other main markets. In the first half of 2023, U.S. corn sales to Mexico totaled $3.027 billion. Reflecting a 15.1% annual increase. Corn sales to Japan and China totaled $1.536 billion and $1.242 billion, respectively. In the first half of this year, annual declines of 32.9% and 59.7%. There were also year-on-year declines in corn shipments to Colombia ($576 million, -34.8%) and Canada ($407 million, -62.7%).

Soybeans downgraded 5 points as crop enters critical phase of development

Soybeans

Record global heat during summer… 

Increased temperatures have led to growing yield concerns, which is a large driver in the price gains seen as of late. The past three months have been the hottest ever recorded. August, in particular, marked the warmest August on record and the second hottest month ever, following July 2023. During August, temperatures were estimated to be approximately 1.5°C (34.7°F) above preindustrial averages. Additionally, sea-surface temperatures in August reached a monthly average of 20.98°C, (69.76°F), setting a new high. The global average surface temperature for June through August was about 1.17°F above the 1991-2020 average. This beat the previous record-hot summer of 2019 by nearly 0.54°F. June and July were each record-hot. July ranked as the warmest month since the dawn of the instrument era in the 19th century. increased temperatures have led to growing yield concerns, which is a large driver in the price gains seen as of late.

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