Market News & Headlines >> Corn, Soybean Ratings Steady
Monday’s weekly USDA crop update showed U.S. corn and soybean conditions held steady last week as crop weather while winter wheat harvest progress picked up amid mostly favorable weather conditions.
USDA rated corn conditions at 75% good/excellent and soybean conditions at 72% good/excellent for the second straight week, matching trade expectations.
Corn development remained slightly behind normal with 15% of the crop silking as of Sunday against the five-year average of 18%, while soybean development moved ahead of normal with 24% of the U.S. crop blooming versus the average of 21%.
The good/excellent rating for the top producing state of Iowa’s corn crop did drop three percentage points due to the effects of excessive rainfall in some areas, but remained strong at 76%. Likewise, the Iowa soybean crop’s good/excellent rating fell two points, but remained above normal at 73%.
Winter wheat harvest picked up steam as the southern Plains dried out after early-week rains. The U.S. harvest advanced to 57% complete from 44% a week earlier as producers in Kansas harvested 30% of their crop. Some 70% of the Kansas crop had been harvested by Sunday, still trailing the five-year average of 88%. The U.S. harvest pace was just three points behind the five-year average.