Market News & Headlines >> Corn and Soy Conditions Down More Than Expected Again
U.S. corn and soybean conditions declined more than expected for a second straight week as hot, dry weather continued to take a toll on crops across much of the western Midwest and the Plains, according to Monday afternoon’s weekly USDA Crop Progress report.
USDA pegged U.S. corn conditions at 68% good/excellent as of Sunday, down from 72% a week earlier and 71% a year earlier. The U.S. crop rating was also 1 percentage point below the average of trade estimates in a Reuters News Service survey.
USDA pegged U.S. soybean conditions at only 62% good/excellent as of Sunday, down from 67% a week earlier and 72% a year earlier. The U.S. crop rating was below the trade estimates that averaged 65% in a range from 64%-66% according to the Reuters survey.
Corn conditions in the top growing state of Iowa took a steep dive on the week and were rated only 63% good/excellent, down from 77% previously, while Minnesota conditions were rated only 58% good/excellent, down from 71% previously. The Illinois rating also fell to 68% good/excellent from 74%, while the Nebraska good/excellent rating was steady at 84% after timely rains there. The lowest corn crop ratings were in North and South Dakota, where the good/excellent ratings were 43% and 45% respectively.
Soybean conditions in Iowa also dropped sharply to 61%good/excellent from 73% previously, while the Minnesota good/excellent rating slid to 61% from 70% and the Illinois good/excellent rating slid to 63% from 73%. The Nebraska crop rating did rise to 87% good/excellent from 86%. The soybean crop continues to struggle worst in the northern Plains, with only 24% of the North Dakota crop rated good/excellent, down from 25% previously.