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USDA NASS: 65% of NE Corn at Silking, Well Ahead of Normal

Corn condition rated 1% very poor, 2% poor, 11% fair, 61% good, and 25% excellent, according to the USDA National Agricultural Statistics Service July 16 report for Nebraska Crop Progress and Condition. Corn silking was 65%, well ahead of 42% last year and 38% for the five-year average. Dough was 4%, near the average of 1% average.
 
Soybean condition rated 1% very poor, 3% poor, 13% fair, 63% good, and 20% excellent. Soybeans blooming was 65%, near 64% last year, and ahead of the average of 53%. Setting pods was 16%, ahead of 9% both last year and average.
 
Winter wheat condition rated 5% very poor, 7% poor, 24% fair, 47% good, and 17% excellent. Winter wheat harvested was 62%, behind 79% last year, but ahead of 51% average.
 
Sorghum condition rated 0% very poor, 2% poor, 16% fair, 65% good, and 17% excellent. Sorghum headed was 23%, ahead of 5% last year and 7% average.
 
Oats condition rated 1% very poor, 3% poor, 36% fair, 53% good, and 7% excellent. Oats harvested was 52%, ahead of 44% last year, and well ahead of 32% average.
 
Pasture and range conditions rated 2% very poor, 6% poor, 19% fair, 59% good, and 14% excellent.
 

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Making Soybeans Great Again! + A Fools Gold?

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Trump's post this week that China would buy an additional 8 mmt of U.S. soybeans was a “game changer” near-term. The plunge in Bitcoin down 50% from the highs may no longer be considered a “digital” gold. It has followed the selling in tech this week with the NASDAQ down 7%. The 45Z announcement provided more clarity and guidance resulting in higher soyoil futures. Next weeks USDA February crop report is historically a non-event and more.