Joe&#x27;s Premium Subscription: www.standardgrain.com Grain Markets and Other Stuff Links — Apple Podcasts Spotify TikTok YouTube Futures and options trading involves risk of loss and is not suitable for everyone. 🌽 Corn &amp; Crops — US corn crop conditions held steady at 67% good-to-excellent, while soybeans dipped slightly to 65%. Spring wheat improved week-over-week, but winter wheat hit its lowest rating since records began in 1986. 📈 Futures Markets — Corn and wheat futures saw modest rebounds on bargain buying after recent losses, with KC wheat leading gains up 9 cents. Soybeans fell for a seventh straight session, pressured by favorable weather and weak Chinese demand. 🌧️ Weather — Parts of the Corn Belt received over 4 inches of rain in a short window, with active radar again this morning. Forecasts call for above-normal rainfall across corn areas in both the 1-7-day and 8-14-day outlooks. 💊 Fertilizer Prices — New Orleans urea has dropped 36% from its mid-April peak to $453.50/ton, now at pre-war levels as US-Iran peace talks ease supply fears. Seasonal demand weakness and ample domestic supply are adding further downward pressure. 🌍 Brazil vs. US Competition — Brazil&#x27;s farming model is under strain as heavy reliance on imported fertilizer leaves growers far more exposed to the Iran-driven price shock. Many Brazilian farmers are now operating at a loss, potentially narrowing their long-standing cost advantage over US producers. 🚢 Export Inspections &amp; Flash Sales — Corn export inspections came in strong at 1.9 MMT, up 11% year-over-year, while soybeans and wheat lagged at the lower end of expectations. USDA also reported flash sales of 264,000 MT of soybeans to unknown destinations and 103,000 MT of corn to Japan.

Corn and Soybean Ratings are Below Average, Prices are Below Production Cost

Grain Markets and Other Stuff

# Full Transcript

**Podcast:** Grain Markets and Other Stuff

## Participants

- **Joe Vaclavik** (Standard Grain)
- **Mackenzie** (Dear Media)

## Transcript

Good morning guys, it's Tuesday, June 9th, 524 AM Central Time. Grain Markets are mixed to higher this morning. December corn futures up 2.5 cents at 4.48 and a half. November soybeans up 1.75 at 11.37. July Chicago wheat up 2.75 at 5.86. July Kansas City wheat up 1.5 cent at 6.30 and a quarter. September spring wheat up 1 at 6.46. USDA released weekly crop ratings yesterday. Why don't we start off there?

The U.S. corn crop was rated 67% good to excellent nationally as of Sunday. Steady with the prior week but below 72% on average. The soybean crop was rated 65% good to excellent compared to 66% the previous week and 66% on average. The spring wheat crop was rated 52% good to excellent up significantly from last week's 47% but still below 55% on average.

And then finally, the winter wheat crop was rated 25% good to excellent nationally down from 26% the prior week and the lowest rating for the week since records began all the way back in 1986. Corn and soybean planting is nearly complete while winter wheat harvest is underway with 11% of the crop harvested.

Let's go into some details here. The corn crop nationally rated 67% good to excellent. That's below the 69% average and the trade traders poll of analysts had expected 69% going into this. So ratings were a little bit below expectations. The corn market's up a penny or two this morning. Not much of a reaction.

You've got kind of a mixed bag with regard to state by state ratings. Let's first run through the states that I would consider to be well below average. Texas is 42% good to excellent versus 62 on average. Colorado is 59% good to excellent versus 72 on average. Nebraska only 58% good to excellent in corn versus 73 on average. Indiana 57% good to excellent versus 68 on average.

Ohio only 45% good to 75% good to 75% on average. Ohio only 45% good to excellent versus 73 on average. We'll go to the states that are well above average. Minnesota 79% good to excellent versus 68 on average. Iowa, the nation's largest corn producer, 84% good to excellent ahead of the 75% average. And Pennsylvania actually in really good shape. 90% good to excellent versus 75% on average.

So we had ratings that are a mixed bag certainly, but they're not bad. We're close to average and we've got some good looking weather in front of us. And that's what we'll look at here in a second. So I've been ratings kind of similarly. We are average or slightly, we're slightly below average at 65% good to excellent. The average will be 66. But again, it's not enough to really get the trade excited. Spring wheat, there was some weird stuff going on. Like they had, I think last week they had Montana rated 1% good to excellent. And they jumped to 10% this week.

But everybody else seems to be in okay shape. And we know that the HRW wheat crop in the Southern Plains ...

Corn and Soybean Ratings are Below Average, Prices are Below Production Cost

Transcript

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Corn and Soybean Ratings are Below Average, Prices are Below Production Cost

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.