Market News & Headlines >> U.S. Corn and Soy Ratings Above Average
U.S. corn and soybean crop conditions improved further last week amid favorable weather across the main growing belt, according to Monday afternoon’s weekly USDA Crop Progress report.
USDA rated U.S. corn conditions 75% good/excellent as of Sunday, up from 74% a week earlier, 59% a year earlier and on par with the average of trade expectations. The crop rating was also above the five-year average rating for early June of 70% good/excellent.
U.S. soybean conditions were rated 72% good/excellent by USDA, up from 70% a week earlier and above the average trade estimate of 71%, as well as the five-year average rating of 71%. USDA had not yet begun rating the soybean crop at the same point last year amid severe planting delays.
USDA pegged soybean planting progress at 86%, up from 75% a week earlier, just 54% a year earlier and the five-year average of 79%. Corn planting progress was put at 97%. Corn emergence was pegged at 89%, up from just 57% last year and the five-year average of 84%. Soybean emergence was put at 67%, up from just 30% last year and the average pace of 61%.
Looking at the top four producing states, the good/excellent rating was 86% for the Iowa corn crop and 83% for Minnesota corn, unchanged from a week earlier, while it was up 1 point to 83% in Nebraska and up 9 points to 65% in Illinois.
The Iowa soybean crop was rated 82% good/excellent, up 3 points from a week earlier, while the Minnesota crop was rated 84% good/excellent, unchanged on the week. The Nebraska crop rating was also unchanged at 82% good/excellent and the Illinois good/excellent rating was up 11 points to 67%.
Corn crop conditions deteriorated notably in Kansas and Missouri, with the portion of the crop rated good/excellent falling 7 points in Kansas to 60% and the portion of the Missouri crop rated good/excellent dipping 5 points to 61%.