Market News & Headlines >> Corn Crop Rating Up, Soy Down
Monday afternoon’s weekly crop update from USDA showed an unexpected improvement in the U.S. corn crop condition rating and a drop in the soybean crop rating.
The U.S. corn condition rating improved to 62% good/excellent from 60% a week earlier as improved rains boosted conditions in the northwest part of the Corn Belt, while mild, dry weather helped the crop in the eastern Corn Belt, overshadowing further crop deterioration in the top growing state of Iowa. The grain trade had expected an unchanged U.S. crop rating.
The U.S. soybean condition rating, meanwhile, fell 1 percentage point to 59% good/excellent amid crop deterioration in Iowa, Nebraska and Michigan. The trade had expected an unchanged U.S. rating.
USDA estimated that 61% of the U.S. corn crop had reached the dough stage by Sunday versus the five-year average of 62%, while 16% was denting, versus the average of 20%. An estimated 79% of the soybean crop was said to be setting pods, head of the average pace of 75%.
Looking at the top corn producing states, the portion of the crop rated good/excellent rose by 4 points in both Illinois and Nebraska to 62% and 63% respectively, while it rose 1 point to 81% in Minnesota. In contrast, the portion of the Iowa corn crop rated good/excellent declined another 3 points to 61% as much of the state stayed too dry.
Other states showing notable improvement in corn condition were North Dakota, where the good/excellent rating rose 8 points to 48%; South Dakota, where the good/excellent rating rose 5 points to 34% and Indiana, where it rose 3 points to 55%. The largest ratings decline came in Michigan, where the portion of the crop rated good/excellent fell by 10 points to 58%.
Looking at soybean conditions in the top growing states, the portion of the soybean crop rated good/excellent fell by 3 percentage points in Iowa to 56% and fell by 1 point in Illinois to 63%. The good/excellent rating for Minnesota soybeans held steady at 74%, while the portion of the Nebraska crop rated good/excellent rose by 3 points to 61%.
The good/excellent rose 2 points to 56% for Indiana soybeans and rose 2 points for Ohio soybeans to 55%, while in North Dakota, the good/excellent rating jumped 7 points to 44%. The largest decline in conditions came in Michigan, where the portion of the crop rated good/excellent fell by 6 points to 55%. The good/excellent ratings for soybeans in the Delta states of Arkansas, Louisiana and Mississippi fell by 3 points each.