Crop Progress Update: Corn Conditions Improve, Acreage Report Largely as Expected

Baird analyst Mircea (Mig) Dobre provided the following quick take following this week’s USDA Crop Progress report. 

The acreage report was largely as expected, he says with corn acreage confirmed +5% year-over-year. 

Crop Progress shows corn condition good/excellent +3% vs. last week (to season-high 73%) following heavy rainfall across the Corn Belt. Soybeans were unchanged. 

Modest rain is in the forecast this week across most corn/soy states. 

“Prices fell last week with corn ($4.20/bu) and soybeans ($10.25/bu) remaining well below levels needed for incremental equipment investment; today's releases continue to back strong yield forecasts, commodity price upside likely limited,” Dobre says.