Crop Conditions

Very good crops on most rolling land. We do see a good number of fields that have yellowing corn, which we assume is lack of nitrogen. The N could have reached below the roots due to excess rain coupled with shallow roots. This will affect grain fill and test weight. We also see many fields which will possibly set new yield records for themselves. Beans have come on lately and most fields have good vegetative growth, are clean of weeds, and are beginning pod development. Overall yield potential is very good.

Grain prices have dropped to 2020 levels. The trade anticipates large supplies. Domestic demand is good but exports to China have been nearly non-existent. Spec funds (managed money) remain historically very short. Something to stimulate them to move more neutral would be helpful.