08/22/2023 Crop Ratings Fall Short of Expectations As Markets Absorb Day 1 Pro Farmer Tour Results

On the Grains: Overnight markets are mostly steady for corn and beans and firm for wheat as we go to press. Yesterday afternoon’s crop condition ratings were generally supportive. The portion of the corn crop rated G/E dropped a point from last week to 58% vs. expectations they’d be unchanged. Further, the portion rated poor to very poor grew two points to 15%. The G/E figure is still 3 points better than last year, however, while the P/VP at 15% is 3 points lower than last year. Turning to soybeans, the portion rated G/E held steady at 59% vs. expectations they’d be a point better. Further, the portion rated P/VP grew a point to 13% and now matches last year while the portion rated G/E is still 3 points better than last year. Turning to wheat, the spring wheat harvest is now 39% complete compared to 46% on average but only 31% last year. As for the condition of what’s left to harvest, the portion rated G/E dropped 4 points to just 38% compared to 64% rated that high a year ago. Further, the portion rated P/VP rose 3 points, to 23%, and now considerably higher than last year when…