The latest USDA Crop Progress and Conditions report has the U.S. corn crop at 64 percent good to excellent, an increase of two percentage points from the previous week. Stone X Group Chief Commodities Economist Arlan Suderman is surprised to see the increase. “That was heavily influenced by an 11 point jump in the Illinois corn ratings. We were trying to confirm from USDA whether that was an error or if Illinois actually made an unusual move higher in crop ratings.” It was not a glitch. Suderman says that’s important information to have before Thursday’s WASDE report, because traders are preparing estimates. The U.S. soybean crop conditions are rated 60 percent good to excellent, unchanged from the previous week. “Illinois also went up in those ratings, too. If Illinois hadn’t gone up, we would have seen national ratings more significantly.”
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