Market News & Headlines >> U.S. Corn Crop Rating Up; Soybean Rating Down
The overall condition of the U.S. corn crop improved slightly last week as deterioration in conditions in the eastern Corn Belt were offset by improved conditions elsewhere, but the U.S. soybean crop condition rating fell slightly.
USDA rated U.S. corn conditions 72% good/excellent as of Sunday, up one percentage point from a week earlier and two points above the average of trade estimates in a Reuters News Service survey. The condition rating was also above the five-year average of 69%.
USDA rated U.S. soybean conditions 70% good/excellent, down two points from a week earlier and below the range of trade expectations. The condition rating, however, was still four points above the five-year average for that week of the year.
Looking at the major producing states, the good/excellent rating for Iowa corn was up two points to 85%; the good/excellent rating for the Minnesota crop was up one point, also at 85%; and the good/excellent rating for the Nebraska crop was up 3 points at 74%. The Illinois corn crop rating, however, fell to 59% good/excellent from 63% a week earlier. The worst deterioration in corn conditions, though, was in Indiana, where the portion of the crop rated good/excellent fell by eight points versus a week earlier; and in Ohio and Michigan, where the good/excellent rating fell by seven points.
The good/excellent rating for the Iowa soybean crop rose two points to 84%, while the good/excellent rating fell by three points to 81% for the Minnesota crop and dropped by one point to 77% for the Nebraska crop, while dipping by four points to 60% for the Illinois crop. The most significant deterioration in crop ratings was again in the eastern growing states of Indiana, Ohio and Michigan, which say the good/excellent ratings for their soybean crops fall by nine points, seven points and 10 points respectively.