Market News & Headlines >> U.S. Corn, Soy Crop Ratings Little Changed
U.S. corn conditions held steady last week, while soybean conditions improved slightly, according to USDA’s weekly Crop Progress report, as continued deterioration of conditions in the northwest Corn Belt offset improved conditions elsewhere.
USDA pegged U.S. corn conditions at 65% good/excellent as of Sunday, unchanged from a week earlier and one percentage point below the average of trade estimates in a Reuters News Service survey. The rating was down from 69% good/excellent a year earlier. The portion of the crop rated poor/very poor rose to 9% from 8%.
USDA estimated 56% of the U.S. corn crop was silking as of Sunday, up from 55% a year earlier and the five-year average of 52%. An estimated 8% of the crop had reached the dough stage, on par with a year earlier and 1 point ahead of the average pace.
U.S. soybean conditions were pegged by USDA at 60% good/excellent, up from 59% a week earlier and in line with the average of trade estimates, but down from 69% a year earlier. USDA estimated that 63% of the U.S. crop was blooming, up from 62% a year earlier and the five-year average of 57%. An estimated 23% of the crop was setting pods, unchanged from a year earlier and two points ahead of the average pace.
Looking at the top four corn growing states, the Iowa crop rating rose to 68% good/excellent from 66% a week earlier, while the Illinois rating rose to 65% good/excellent from 60%. The Nebraska crop rating rose to 78% good/excellent from 77% previously, while the Minnesota rating held steady at only 42% good/excellent, the lowest level for mid-July since 2001.
Meanwhile, the South Dakota corn crop rating fell to 30% good/excellent from 31% and the North Dakota crop rating fell to 29% good/excellent from 33%.
Looking at soybean crop ratings for the top four producing states, the Iowa rating rose to 66% good/excellent from 65%, while the Illinois rating rose to 60% good/excellent from 56%. The Nebraska crop rating rose to 81% good/excellent from 79% previously, but the Minnesota crop rating fell to 43% good/excellent from 45%.
The South Dakota soybean crop rating rose to 29% good/excellent from 28%, but the North Dakota crop rating fell to only 20% good/excellent from 21%.