The Thursday HOT TAKE

Tomorrow is about yield, but today’s market is about a whole lot more.

The national corn rating is hiding some pretty big problems underneath. U.S. corn fell another point this week to 56% good/excellent, 8 points below last year and 4 points below the five-year average.

Likewise, poor/very poor is only 3 points above average nationally at 17%, but the state-level extremes are much larger:

  • North Dakota is 48% P/VP

  • Colorado 52%

  • Kansas 37%

  • North Carolina 55%.

Put those numbers against the ‘normal’ amount of poor/very poor and North Dakota is 33 points worse than average, Colorado 31 points worse and North Carolina 29 points worse.

At this point, it matters for more than yield.

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