Corn Crop Devastated by Severe Heatwave, Condition Ratings Plummet

A severe heatwave has devastated corn crops in the Midwest and Plains, leading to a significant decline in condition ratings. According to USDA's weekly Crop Progress report, the corn crop is now rated at 63% good to excellent, with 25% fair and 12% very poor to poor. This four-point drop in the good-to-excellent category from the previous week marks the largest single-week decline of the year.

The damage was expected but not to this extent, catching even the most bearish analyst estimates off guard. The last time condition ratings dropped at least 4 points at this point in the year was in 2007. Other notable years with larger ratings declines include 1999, 1993, and 1987.

Despite some states experiencing minor gains, the western Corn Belt and Plains have been hit hardest, with Colorado and North Carolina carrying poor-to-very-poor readings near 41%. South Dakota sits at 23% poor to very poor, followed by North Dakota at 18%, Kansas at 17%, and Illinois at 13%.