Market News & Headlines >> U.S. Corn, Soy Crop Ratings Continue Decline
U.S. corn and soybean condition ratings declined further last week as dry weather took a further toll on crops in the western part of the main production belt with harvest season nearing.
USDA pegged U.S. corn conditions as of Sunday at 62% good/excellent, down 2 percentage points from a week earlier and 4 points from the five-year average for that point in the growing season. The rating, however, was one point above the average of expectations in a Reuters News Service survey. USDA estimated U.S. soybean conditions at 66% good/excellent, down 3 percentage points from a week earlier, but still 2 points above the five-year average and in line with the average of trade expectations.
USDA estimated that 63% of the U.S. corn crop was dented as of Sunday, up sharply from 37% a year earlier and ahead of the five-year average of 56%. An estimated 12% of the crop was said to be mature, up from 5% last year and the average pace of 10%. USDA estimated that 95% of the U.S. soybean crop was setting pods, while 8% was mature, up from 3% last year and in line with the five-year average.
Looking at key corn producing states, the portion of the Iowa crop rated good/excellent fell for the eighth straight week to 45% from 50% a week earlier. The good/excellent rating for Illinois corn slipped two points to 70%, while the good/excellent rating for the Minnesota crop fell three points to 79% and the good/excellent rating for the Nebraska crop fell two points to 64%. The Indiana crop was rated 63% good/excellent, down one point vs. a week earlier.
Looking at key soybean producing states, the portion of the Iowa soybean crop rated good/excellent fell by another 6 points to 50%, while the good/excellent rating for the Nebraska crop fell by 5 points to 66%. The good/excellent rating for Illinois soybeans slipped by only 1 point to 72%, while the good/excellent for the Minnesota crop fell by 2 points to 80%. The portion of the Indiana crop rated good/excellent dipped by 3 points to 63%.
Notably, the good/excellent rating for the Kansas crop nosedived by 11 points to 56%. Meanwhile, the good/excellent rating for the Louisiana crop plummeted by 26 points to 60%, indicating crop damage from Hurricane Laura. However, the good/excellent rating for Arkansas soybeans rose 3 points to 69%, suggesting the storm did not damage the crop there.