Market News & Headlines >> Corn Crop Rating Improves; Soy Conditions Slip
U.S. corn crop conditions improved slightly last week as warmer, drier weather boosted crop growth, but soybean conditions unexpectedly declined, according to Monday afternoon’s weekly USDA Crop Progress report.
USDA rated U.S. corn conditions 57% good/excellent as of Sunday, up one percentage point from a week earlier and on par with the average of trade expectations, but still 18 points below the year-earlier rating. U.S. soybean conditions were rated 53% good/excellent down one point from a week earlier, one point below the average of trade expectations and 18 points below the year earlier rating.
The report showed U.S. crop development remained well behind schedule, with only 8% of the corn crop estimated to be silking compared with 34% last year and the five-year average of 22%.
Meanwhile, only 90% of the U.S. soybean crop was said to be emerged versus a five-year average of 98%, with just 10% reported blooming versus 44% last year and 32% on average.
Although the U.S. corn crop rating rose, the Illinois crop rating dropped to 37% good/ex. from 42% last week and the Iowa rating fell to 61% good/excellent from 64%. Offsetting that, the Minnesota rating rose to 60% good/excellent from 58% and the Nebraska rating rose to 76% good/excellent from 74%.
Looking at the top soybean growing states, the Iowa crop rating was unchanged from a week earlier at 64% good/excellent, but the good/excellent rating fell 6 points in Illinois to 38% and dropped by one point in both Minnesota and Nebraska to 61% and 73% respectively.