Winter wheat ratings post their second lowest start for the year. Corn/soybean harvest remains accelerated.

US corn harvest was estimated by USDA at 81% complete. The trade expected 80%. It remains far over the five year average of 64%.

This is the fastest corn harvest since 2012.

Soybean harvest was estimated by USDA at 89% complete. The trade expected 91%. It remains far over the five year average of 78%.

This is the fastest harvest since 2010.

Winter wheat planting was estimated by USDA at 80% complete. The trade expected 83%. For a fourth week harvest is under the five year average, currently 84%.

The first condition rating of the year was released, 38% good/excellent. This was far under the 47% expectation from the Reuters news wire survey (Bloomberg 43%). This is the second lowest first rating since the data series started. Disclaimer: Ratings at this time of year are not statistically tied to final yields.

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