Market News & Headlines >> U.S. Corn Rating Rises, soybean rating steady
U.S. corn conditions improved slightly under continued favorable weather last week, while soybean conditions held steady for the third straight week, according to Monday afternoon’s weekly USDA crop update.
USDA rated the U.S. corn crop 76% good/excellent as of Sunday, up from 75% a week earlier and 66% a year earlier. Trade expectations were for an unchanged rating. Soybean conditions were rated 72% good/excellent again. Both the ratings were the highest for this point in the growing season since 1994.
Nationwide crop development moved ahead of the recent norm with USDA reporting 34% of the U.S. crop was silking versus a five-year average of 33% while 41% of soybean were blooming against an average of 37%.
The Iowa corn crop rating was unchanged at 76% good/excellent, while the Illinois good/excellent rating improved 1 point to 81%. The good/excellent rating for Iowa soybeans was also unchanged at 73%, while the good/excellent rating for the Illinois was up 1 point at 76%.
The good/excellent rating for Nebraska’s corn crop was up 2 points to 74%, while the good/excellent rating for the Minnesota crop was unchanged at 64%. Minnesota soybeans were rated 62% good/excellent, up 1 point on the week, while Nebraska soybeans were rated 72% good/excellent, down 1 point.