Market News & Headlines >> Corn, Soybean Ratings Remain at 20-year Highs

Monday’s USDA crop update showed U.S. soybean conditions improved slightly last week, while corn conditions held steady, with ratings for both crops remaining at 20-year highs under favorable growing conditions.

The portion of the U.S. soybean crop rated good/excellent rose 1 percentage point to 73%, with conditions improving in all of the top four producing states. In Illinois, soybean conditions were rated 77% good/excellent, up from 76%, while the good/excellent rating also rose 1 point in Iowa to 74%. The good/excellent rating for the Minnesota crop was up 2 points to 64%, while the Nebraska good/excellent rating rose 1 point to 73%.

While nationwide corn conditions were steady at 76% good/excellent, condition ratings improved for two of the top four producing states. In the top growing state of Iowa, conditions were rated 77% good/excellent, up from 76% a week earlier, while in Nebraska, the good/excellent rating rose 2 points to 76%. The good/excellent ratings held steady at 81% and 64% for Illinois and Minnesota respectively.

Soybean development stayed ahead of the recent norm with 60% of the crop estimated to be blooming versus a five-year average of 56% and 19% setting pods against an average of 17%. Soybean development is significantly ahead of the average in Illinois and Indiana.

Corn development was also slightly ahead of normal with 56% of the U.S. crop said to be silking versus an average pace of 55%. Development is lagging by a good week or more in Minnesota and North Dakota, but is advanced in Illinois and Iowa.