US corn is in good shape at the start of the growing season, but early health conditions suggest the crop has yet to prove itself, especially given the forecast of drought ahead. The U.S. Department of Agriculture's statistics bureau on Tuesday placed 69% of U.S. corn in good to excellent (GE) condition on Sunday, the first corn ratings of the season and below market expectations of 71%. This is the lowest starting corn rating since 59% GE in 2019 and below the five-year average of 71%. The timing of early corn conditions depends on emergence and has spanned from May 24 to June 9 over the last five years. Since crop conditions began in 1986, all but one of the strong US corn yields have coincided with early ratings above 70% GE. The exception is 2017, when the top 65% did not predict the eventual record result, and valuations never materially improved as the summer progressed. Higher crop ratings didn't always lead to success. Recent drought conditions have drawn comparisons to ...