Market News & Headlines >> Corn, Soybean Conditions Historically Strong
U.S. corn and soybean crop condition ratings were historically strong for early June with warm weather speeding crop development and timely rains arriving in some dry areas of the U.S. Midwest last week.
USDA on Monday afternoon pegged U.S. corn conditions at 78% good/excellent, down 1 percentage point from a week earlier, but 10 points above a year earlier. The good/excellent rating was the second highest on record for the date in USDA data going back to 1986.
In its first soybean condition ratings of the season, USDA said 75% of the U.S. crop was in good/excellent condition. This matched 2010 for the highest initial crop rating of the season and was the highest on record for week 23 of the calendar year.
USDA pegged corn planting at 97% complete ahead of the five-year average of 95% and said 86% of the crop was emerged, ahead of the average of 83%. Soybean planting progress was put at 87%, up from 77% a week earlier and 12 points ahead of the five-year average. Soybean emergence was pegged at 68%, well ahead of the average pace of 52%.
Kansas was the only top-ten U.S. corn producing state where crop conditions were rated less than 67% good/excellent, with its crop rated at 58% good/excellent. In the top four producing states of Iowa, Illinois, Minnesota and Nebraska, the good/excellent ratings came in at 81%, 81%, 88% and 87% respectively. The soybean crop is off to a very good start in the top growing states. Soybean conditions were rated 80% good/excellent in Iowa, 78% good/excellent in Illinois, 88 good/excellent in Minnesota and 86% good/excellent in Nebraska.