Market News & Headlines >> Corn Crop Rating Improves; Soybeans Steady
The condition of the U.S. corn crop improved slightly last week, with soybean conditions holding steady, while development of both crops remained well behind normal, according to Monday afternoon’s weekly Crop Progress report from USDA.
USDA rated U.S. corn conditions 58% good/excellent, up 1 percentage point from a week earlier and 1 point above the average of trade expectations in a Reuters News Service survey. The portion of the crop rated good/excellent was still 14 percentage points below a year earlier.
The U.S. soybean crop rating held at 54% good/excellent for the third straight week, on par with the average of trade expectations and 16 percentage points below a year earlier. The portion of the crop rated poor/very poor rose to 13% from 12% previously.
USDA estimated that 58% of the U.S. corn crop was silking, up from 35% a week earlier, but down from 90% last year and the 5-year average of 83%. The silking pace was the slowest since 2009. Meanwhile 13% of the crop was in dough stage versus 30% last year and the average pace of 23%.
Soybean crop development remained well behind normal, with USDA reporting only 57 of the crop was blooming versus the five-year average of 79%. The pace was the slowest since 1996. Meanwhile, only 21% of the crop was reported setting pods versus an average pace of 45%.
The good/excellent. rating for the Iowa corn crop improved 2 percentage points to 65%, while the Nebraska good/excellent rating fell 2 points, but remained strong at 75%. The good/excellent ratings rose by 3 points in both South Dakota and Wisconsin to 61% and 62% respectively.
The big crop issues continued to be from Missouri through Illinois, Indiana, Michigan and Ohio. Illinois, at 44% good/excellent, up 1 point from a week earlier, had the best crop rating among those states, while both the Missouri and Ohio crops were rated only 34% good/excellent. The corn crop also remains extremely late in the eastern Corn Belt. Only 40% of the Indiana crop was silking as of Sunday versus the five-year average of 84%, while only 20% of the Michigan crop was silking versus an average of 65%.
Notably, good/excellent ratings for the soybean crops in top producer Iowa and No. 2 Illinois each declined 2 percentage points to 62% and 44% respectively. Soybean conditions remain weak in the eastern Midwest, with the good/excellent ratings for Indiana and Ohio soybeans steady at 36% and 30% respectively; and the Michigan rating down 5 points to 41%. Meanwhile, the good/excellent ratings improved 3 points in both South Dakota and Wisconsin to 50% and 65% respectively.