Market News & Headlines >> U.S. Crop Ratings Slide as Iowa Conditions Plunge
U.S. corn and soybean condition ratings slid notably last week as conditions in the key producing state of Iowa plunged for a second straight week due to the impact of the Aug. 10 derecho that swept across the state and expanding drought conditions.
USDA rated U.S. corn conditions 64% good/excellent as of Sunday, down from 69% a week earlier and 2 percentage points below the five-year average for late August. The rating was also 3 points below the average of trade expectations in a Reuters News Service survey, although it was still 7 points above last year.
USDA rated U.S. soybean conditions 69% good/excellent, down from 72% a week earlier and 1 point below the average of trade expectations. However, the crop rating was still 5 points above the five-year average and 14 points above last year.
Looking at corn conditions in the top producing states, the portion of the Iowa corn crop rated good/excellent plunged by 9 points to 50%, well below the state’s five-year average of 73% for late August. The portion of the Nebraska crop rated good/excellent slid 7 points to 66%, while the good/excellent rating for the Illinois crop fell by 4 points to 72%. The portion of the Minnesota crop rated good/excellent slipped just 1 point to 82%, will the good/excellent rating for Indiana corn was down 1 point to 64%.
Looking at soybean conditions in key producing states, the portion of the Iowa crop rated good/excellent slid by 6 points to 56%, 14 points below the state’s five-year average for late August. The portion of the Nebraska crop rated good/excellent fell by 5 points to 71%, while the good/excellent rating for the Illinois crop slipped 3 points to 73%. The good/excellent rating for Minnesota soybeans slipped 2 points to 82%, while the portion of the Indiana crop rated good/excellent declined 1 point to 66%.
USDA estimated that 88% of the U.S. corn crop had reached the dough state as of Sunday, ahead of the five-year average pace of 82%, while 44% was dented, up 21 points from a week earlier and ahead of the average pace of 39.5%.
Some 92% of the U.S. soybean crop was setting pods as of Sunday, compared with the five-year average of 87%, while 4% of the crop was dropping leaves, on par with the average pace, according to USDA.