Market News & Headlines >> Crops Struggle Amid Cool, Wet Conditions
The U.S. corn and soybean crop condition ratings in Monday’s USDA Crop Progress report were below trade expectations as continued cool, wet conditions across the U.S. Midwest last week hurt crop emergence and development.
USDA rated U.S. corn conditions 56% good/excellent as of Sunday, down from 59% a week earlier and 77% a year earlier. The rating was below trade estimates that averaged 59% in a range from 58%-61%, according to a Reuters News Service survey. USDA rated 12% of the U.S. crop poor/very poor, up from 10% a week earlier and estimated 89% of the U.S. crop had emerged up from 79% a week earlier, but below the five-year average of 99%.
U.S. soybean conditions were pegged by USDA at 54% good/excellent in its first crop rating of the season. The soybean rating compared with 70% a year earlier. The rating was below trade estimates that averaged 59% in a range from 56%-63%. An estimated 10% of the crop was rated poor/very poor, versus 5% a year earlier.
Soybean planting also progressed at a slower-than-expected pace, reaching 85% complete versus the five-year average of 97% and trade expectations that averaged 88% in a range from 86%-91%.
The U.S. corn condition rating was the lowest for this point in the growing season since the major drought year of 2012 and tied for the second lowest on record behind the severe drought year of 1988, in USDA data going back to 1986.
The soybean condition rating was also the lowest for this point in the growing season since 2012 and was tied with 2012 and 1993 for the second lowest rating going back to 1986.