Market News & Headlines >> Corn, Soy Crop Ratings Lower than Expected
The U.S. corn and soybean crop condition ratings in Monday’s weekly Crop Progress report from USDA were lower than expected by the grain trade amid a significant drawdown in Midwest soil moisture.
USDA pegged U.S. corn conditions as of Sunday at 64% good/excellent, down from 68% a week earlier, versus trade expectations averaging 67%, according to a Reuters News Service survey. The good/excellent rating was down from 73% a year earlier and was the lowest for early June since 2008, according to data from USDA’s National Agricultural Statistics Service (NASS).
Crop conditions deteriorated most in the central and eastern Corn Belt. Illinois corn conditions were rated only 50% good/excellent down from 69% a week earlier, while Indiana conditions were rated 62% good/excellent down from 72% previously. Iowa crop conditions were rated 72% good/excellent, down from 77% a week earlier, while Minnesota crop conditions were rated 77% good/excellent down from 80% previously and Nebraska conditions were rated 63% good/excellent up from 62% previously.
USDA’s first rating of U.S. soybean conditions for the 2023 growing season came in at 62% good/excellent compared with trade expectations averaging 65%. The rating was the lowest initial crop rating of the growing season since 2008, with the exception of 2019, when USDA did not issue its first rating until late June because of severe planting delays.
Iowa soybean conditions were rated 70% good/excellent, while Illinois conditions were only 51% good/excellent. Minnesota conditions were rated 79% good/excellent while Nebraska conditions were 58% good/excellent and Indiana conditions were 62% good/excellent. USDA pegged U.S. soybean planting at 91% complete vs. a five-year average of 76% and estimated 74% of the crop was emerged versus an average pace of only 56%.