USDA says 72% of the corn crop was in good or excellent condition on May 27. That compares to 77% good or excellent the week before and 63% a year ago. The Crop Progress report says 89% of the soybean crop was planted by May 27 compared to an average of only 61% on that date. Nationally, 22% of pastures were rated poor or very poor in late May. That compares to 19% poor or very poor the week before and 21% a year ago.
This week’s news for the U.S. economy was not good. On Thursday the government lowered its estimate of first quarter growth from 2.2% to 1.9%. Today they said the unemployment rate increased to 8.2% in May from 8.1% in April. The economy added only 69,000 new jobs in May, the fewest in a year.