US corn and soybean crop ratings miss market expectations

Grains experienced widespread weakness as July corn futures fell 3.5 cents to $4.40'4 and July soybean futures declined 15.5 cents to $11.65'2. The first USDA crop conditions report of the year indicated that corn was rated 67% good-to-excellent, missing the five-year average by 5%. Soybean conditions also trailed expectations, coming in at 66% good-to-excellent. Weekly export inspections showed mixed results, with corn running 27% ahead of last year's pace while soybeans lagged by 20%. In the wheat market, hard red wheat futures saw double-digit losses despite export inspections holding 9% above last year's levels.