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USDA, in its weekly crop condition report on Monday, rated corn lower than last week and further below traders' expectations. For corn, the crop was rated 63% good to excellent, below a 68% rating last week, and below trade expectations of 65%. Also, 26% of the crop was rated fair and 11% very poor-poor. The USDA reported 26% of the crop is in the silking stage, below 24% from a year ago, but above a 20% five-year average. Soybeans were rated 58% good/excellent, 30% fair, and 12% very poor-poor. Monday's rating was well below a 64% good excellent mark from a week ago. USDA noted 38% of the soybean crop is blooming, compared to 39% a year ago.
For wheat, the spring crop was rated 42% good/excellent, 31% fair, and 27% very poor-poor. As of Sunday, the winter wheat crop was 72% harvested, above 68% a year ago. USDA, in its report, rated cotton 41% good/excellent, 30% fair, and 29% very poor-poor. |
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