Market News & Headlines >> U.S. Corn Crop Rating Drops Unexpectedly
Monday afternoon’s weekly Crop Progress report from USDA showed that U.S. corn crop conditions unexpectedly deteriorated last week with the crop rating for the No. 2 growing state of Illinois falling off sharply.
USDA rated U.S. corn conditions 55% good/excellent, down 3 percentage points from a week earlier and also 3 points below the average of trade estimates in a Reuters News Service survey. The good/excellent rating was 13 percentage points below a year earlier. The portion of the crop rated poor/very poor rose by 1 point to 14% compared with 12% a year earlier.
Only 38% of the Illinois crop was rated good/excellent, down 8 percentage points from a week earlier, with 21% of the state’s crop rated poor/very poor, up from 19% previously. Looking at other top producing states, the good/excellent rating for Nebraska’s crop slipped 4 points on the week, but remained strong at 73%. The Iowa crop was rated 63% good/excellent, up 1 point from a week earlier, with the Minnesota crop rated 55% good/excellent, unchanged from the previous week.
Corn development remained well behind normal after a wet spring led to severe planting delays. USDA estimated that 89% of the U.S. crop had reached the dough stage, compared with the five-year average of 97%, while 55% of the crop was denting versus the average pace of 77%. Only 11% of the crop was said to be mature, down from the average of 24%.
USDA rated U.S. soybean crop conditions 55% good/excellent as of Sunday, unchanged from a week earlier and in line with the average of trade expectations. The good/excellent rating was 13 percentage points below a year earlier. The portion of the crop rated poor/very poor fell 1 point to 12%, compared with 10% a year earlier.
The good/excellent rating for the Illinois soybean crop fell by 5 percentage points to 41%, while the Nebraska soybean crop was rated 75% good/excellent, down 4 points from a week earlier. The portion of the Iowa crop rated good/excellent rose by 1 point to 61%, while the portion of the Minnesota crop rated good/excellent rose 1 point to 59%.
Like corn development, soybean development remained behind normal, with USDA estimating 92% of the crop was setting pods compared with the five-year average of 99%.