Home / Markets / Markets Analysis / Corn market / USDA Confirms Ideal Crop Conditions

USDA Confirms Ideal Crop Conditions

07/21/2014 @ 8:36am

DES MOINES, Iowa (Agriculture.com)--Ideal crop weather sent CME Group soybean futures to a double-digit close lower and corn to a 3 1/2-year low Monday.


The Dec. corn futures closed 6 1/2 cents lower at $3.72. Nov. soybean futures finished 13 3/4 cents lower at $10.71. Sep. wheat futures finished 2 1/4 cents lower at $5.30.

The Dec. soymeal futures contract settled $5.00 per short ton lower at $346.80. The December soyoil futures ended $0.46 cents lower at $36.26.


In the outside markets, the NYMEX crude oil is $0.73 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 36 points lower.


CROP PROGRESS REPORT

After the close, the USDA released its weekly Crop Progress Report. The U.S. corn and soybean crops' condition progress, though still very good, changed little from a week ago, according to the governmental agency.


In its report Monday, the USDA rated the U.S. corn crop as 76% good/excellent, unchanged from a week ago, and above 63% from a year ago. The government says that 56% of the U.S. corn crop is silting vs. 39% a year ago at this same time.


For soybeans, the good/excellent rating jumped one percentage point to 73% vs. a week ago and 64% a year ago. The soybean crop is rated as 60% in the blooming stage vs. a 56% five-year average. The USDA sees 19% of the crop is the pod-setting stage vs. a 17% five-year average.


The USDA rated spring wheat as 70% good/excellent, unchanged from a week ago. 

CancelPost Comment

mark guildenzoph 07/21/2014 @ 2:29pm Wow 3 and a half year low you guys are pathetic. We were a country wide recession then what's going on now oh yeah just a poor country getting poorer. Let's just take broker commissions away unless it's a positive trade then we shall see how many days they trade negative.

Report Abuse Reply
MORE FROM MIKE MCGINNIS more +

Wheat Closes 27¢ Lower, Corn Slightly By: 07/01/2015 @ 8:37am DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean, and wheat…

Corn, Soybean, Wheat Markets Seen Lower… By: 07/01/2015 @ 7:44am On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start…

Trade Responds to USDA Bullish Data By: 06/30/2015 @ 10:40am DES MOINES, Iowa (Agriculture.com)—The amount of U.S. corn and soybean acres planted in 2015 has…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Cover Crops-Wildlife Diversity
Agriculture.com

FREE MEMBERSHIP!

CLOSE [X]