US corn and soybean conditions remain stable

Both corn crop conditions and soybean conditions improved last week, according to the US Department of Agriculture (USDA).

For the week ended 7 July, corn rated good to excellent increased to 68pc compared to 67pc the previous week. Illinois and Iowa conditions improved after receiving equal amounts of precipitation this past week.

Soybean conditions rated good to excellent increased to 68pc compared with 67pc last week. Illinois and Iowa conditions exceeded last week's amount with a 2 percentage point increase from Illinois and a 4 percentage point increase from Iowa.

US winter wheat was 63pc harvested, an 11 percentage point increase from the five-year average. Kansas, the largest winter wheat producing state, has harvested 92pc of its crop, compared with 72pc for the five-year average.

By Trajan Greenwell