Zaner Early Wire

• CBOT corn, soy prices fall on good U.S. weather
• Australia pegs 2026/27 wheat production at 26.7 mmt, down 26% from 2025/26
• Oil closes up more than 4% on pause in U.S.-Iran talks and new threats of Hormuz blockage
• OPEC+ likely to raise July oil output target despite disruption in Strait of Hormuz

The U.S. corn crop was rated 67% good-to-excellent as of Sunday, the lowest initial rating since 2019 and below both the average analyst estimate (70%) and the recent decade average (70.6%). Soybean conditions came in at 66% good-to-excellent, also below both the average analyst estimate and decade average of 68%. Spring wheat conditions landed at just 47% good-to-excellent, below every analyst estimate.

Parke County, West Central Indiana

I should finish applying corn herbicide on Tuesday. I plan to turn around and start post spraying some soybeans before a potential rain event in our forecast this weekend.  The crops have been soaking up the sunshine, but so have the weeds. I hope to start side dressing UAN next week. Corn conditions on the farm have improved this week thanks to heat and sunshine. Our soybeans remain in excellent shape. I found a few blooms today while scouting 3.2 RM planted April 9th. I'm really hoping we can catch some rain late July and August for a change.