Market News & Headlines >> Corn Crop Rating Slides; Soybeans Rebound
Monday afternoon’s USDA Crop Progress report held mixed news for the corn and soybean markets as the agency’s rating of U.S. corn crop conditions fell more than expected, while its rating of soybean conditions rebounded unexpectedly.
USDA pegged U.S. corn conditions 62% good/excellent as of Sunday, down from 64% a week earlier and 72% a year earlier. The rating was at the low end of trade estimates that averaged 62% good/excellent, according to a Reuters News Service survey.
U.S. soybean conditions were put by USDA at 60% good/excellent, up from 58% a week earlier but still down from 73% a year earlier. The soybean crop rating was at the high end of trade expectations, which averaged 57% good/excellent.
Looking at the top corn producing states, the good/excellent rating for the Iowa crop fell three percentage points to 62% and the good/excellent rating for Minnesota’s crop fell two points to just 36%, the lowest on record for early August since 2007. The Nebraska good/excellent rating fell five points to 71% and the Illinois rating was unchanged at 68%, while the Indiana good/excellent rating rose 3 points to 76%.
The good/excellent rating for the Iowa crop held steady at 61%, while the good/excellent rating for the Minnesota crop deteriorated another two points to 34%. The Nebraska good/excellent rating slipped 2 points, but remained high at 80%, while the Illinois rating improved three points to 67% and the Indiana good/excellent rating improved four points to 72%.
Crops continued to struggle in the drought-stricken Dakotas. The South Dakota corn crop rating improved marginally to 32% good/excellent from 30%, but 27% of the state’s crop was rated poor/very poor, up from 25% previously. The portion of the North Dakota corn crop rated good/excellent fell to 18% good/excellent from 21% previously, with 44% of the state’s crop rated poor/very poor.
For soybeans, the portion of the South Dakota crop rated good/excellent rating rose four points to 30%, but the portion rated poor/very poor rose to 30% from 26%, while the North Dakota good/excellent rating held steady at only 17%, with 45% of that crop rated poor/very poor, up from 43% previously.