Market News & Headlines >> Soybean Rating Slips; Corn Harvest Lags

U.S. soybean conditions declined again last week amid expanding dryness in the growing belt, while corn crop maturity and harvest progress continued to lag behind average following a cooler-than-normal August.  

Monday’s weekly crop update from USDA pegged U.S. soybean conditions at 59% good/excellent, down 1 percentage point from a week earlier and 14 points from a year earlier. Notably, the good/excellent rating fell 3 points in the top growing state of Iowa to 58% and dropped 4 points to 53% in no. 2 producer Illinois, while falling 3 points to 60% in Nebraska. However, condition ratings improved in the Dakotas and also in Missouri, Kentucky and Ohio. 

The decline in soybean conditions was likely partly due to the increasing maturity of the crop with 41% of soybeans dropping leaves nationwide, just behind the five-year average of 43%. In its first soybean harvest update of the season, USDA pegged U.S. progress at 4%, on par with a year earlier and 1 point behind the five-year average. 

USDA pegged U.S. corn harvest progress at 7% down from 8% last year and the average pace of 11%. Some 34% of the crop was said to be mature as of Sunday, 16 points behind last year and 13 points behind the average pace. Corn conditions were unchanged from a week earlier at 61% good/excellent. 

Corn harvest was 5% complete in Illinois versus 8% last year and the average pace of 13%, while the Iowa harvest was 1% complete, versus 2% last year and the average pace of 6%. No harvest progress was reported in Minnesota, compared with an average of 3%, while the Nebraska harvest was 2% complete, on par with last year, but behind the average of 7%.