Market News & Headlines >> U.S. Corn Crop Rating Rebounds
U.S. corn crop conditions recovered last week with help from warmer-than-normal weather and beneficial rains in parts of the Corn Belt, while soybean crop conditions held steady as expected.
Monday afternoon’s weekly Crop Progress report from USDA pegged U.S. corn conditions at 57% good/excellent, up from 55% a week earlier. The rating was also 2 percentage points above the average of trade estimates in a Reuters News Service survey, but was still 12 points below a year earlier. The portion of the U.S. crop rated poor/very poor also fell to 13% from 14% a week earlier.
Corn crop development remained well behind normal, especially in northern and eastern portions of the Corn Belt. USDA reported that 79% of the crop was dented, down from a five-year average of 94%, while only 29% had reached maturity, barely over half the average pace of 57%. Nationwide harvest progress, meanwhile, was pegged at 7%, versus an average pace of 11%.
U.S. soybean conditions were rated 54% good/excellent, unchanged from a week earlier and on par with the average of trade expectations, but 14 points below a year earlier. The portion of the U.S. soybean crop rated poor/very poor fell to 13% from 14% a week earlier.
Soybean development also continued to lag well behind normal, with USDA estimating that 34% of the crop was dropping leaves, far below the five-year average of 59%. Just 14% of the Illinois crop was dropping leaves versus an average of 56%.