Market News & Headlines >> Soybean Conditions Improve Slightly, Corn Steady
Monday afternoon’s weekly crop update from USDA confirmed trade expectations for a modest improvement in the U.S. soybean crop condition rating and steady corn crop ratings.
USDA pegged U.S. soybean conditions at 60% good/excellent, up from 59% a week earlier as beneficial rains helped the crop in some of the drier areas of the western Midwest last week, while the eastern portion of the region dried out. The U.S. corn crop rating held steady at 62% good/excellent as deterioration of condition in the central and eastern Corn Belt was offset by improvement in the west.
The portion of the U.S. corn crop in the dough state was put at as of Sunday was put at 76% versus a five-year average of 77%, with the portion of the crop in the dent stage at 29%, behind the average pace of 35%. Some 87% of the U.S. soybean crop was said to be setting pods, slightly ahead of the average pace of 85%.
Looking at the top soybean growing states, the good/excellent condition for the crop in the top growing state of Iowa rose by 2 percentage points to 58%, while the rating in the No. 2 growing state of Illinois fell 3 points to 60%. The good/excellent ratings for the Minnesota and Nebraska soybean crops held steady at 74% and 61% respectively, while the good/excellent rating for the Indiana crop fell by 3 points to 58%. The largest shift in the ratings was in South Dakota, where the good/excellent rating jumped by 8 points to 42%.
The Iowa corn crop rating was steady at 61% good/excellent, but the portion of the Illinois crop rated good/excellent fell by 8 percentage points to 54% amid a lack of rainfall across the state last week. The Nebraska corn crop rating was steady at 63% good/excellent, while the Minnesota rating was up another point to 82% good/excellent. The portion of the Indiana corn crop rated good/excellent fell by 2 points to 52%. The largest improvement in corn conditions was in South Dakota, where the portion of the crop rated good/excellent went up 8 points to 42%.