Each week the Agriculture Department’s Crop Progress report updates crop condition ratings for major field crops. These weekly indicators of crop health are closely monitored for corn, soybeans and wheat, and drive price expectations throughout the growing season. At this time of year, poor crop conditions may lead to price rallies while more favorable growing conditions may lead to lower new-crop futures prices. These weather-driven price rallies present opportunities for growers to potentially lock higher returns per acre for a portion of their expected crop. However, based on historical crop yield data, it is too early to use crop conditions alone as an indicator of crop size.
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