Market News & Headlines >> Corn, Soy Conditions Improve Slightly

U.S. corn and soybean conditions improved slightly last week as hot weather boosted crop development, although development remained well behind the average pace, according to Monday afternoon’s weekly Crop Progress report from USDA. 

USDA rated 58% of the U.S. corn crop in good/excellent condition, up from 57% a week earlier, but still 14 percentage points below a year earlier. The good/excellent rating was two points above the average of trade expectations in a Reuters News Service survey. 

Some 54% of the U.S. soybean crop was rated in good/excellent condition, up one point from a week earlier, but still 15 points below a year earlier. The USDA rating was one point above the average of trade estimates. 

The portion of the corn crop rated good/excellent in the No. 2 growing state of Illinois rose by 5 points, but was still only 42%, 30 points below the five-year average. The good/excellent rating for the crop in the top corn state of Iowa rose by 1 point to 62%, 16 points below the five-year average. 

The portion of the soybean crop rated good/excellent in Illinois rose 3 points to 41%, still 27 points below the five-year average, while the portion of the Iowa crop rated good/excellent slipped by 1 point to 63%, 11 points below average. 

USDA estimated only 17% of the U.S. corn crop was silking as of Sunday, compared with 59% last year and the five-year average of 42%. In Iowa, only 8% of the crop was said to be silking versus a five-year average of 40%, while in Illinois, just 19% of the crop was silking compared with a five-year average of 67%.

Only 22% of the U.S. soybean crop was said to be blooming versus 62% last year and the five-year average of 49%.  Some 26% of the Iowa crop was said to be blooming versus the average pace of 52%, while only 12% of the Illinois crop was blooming versus an average of 54%.