Weak crop rating expected, analyst says
DES MOINES, Iowa (Agriculture.com)--The U.S. corn and soybean crops continue to move through their growth stages faster than a year ago, but more importantly their conditions slide further and further in 2012.
In its Weekly Crop Progress Report, the USDA dropped the corn crops rating by 2% points vs. a week ago and the soybean rating by the same amount.
For corn, the USDA rated the crop 48% very poor-poor, 28% fair, 24% good/excellent. As of Sunday, 94% of the crop is in the silk stage vs. 78% a year ago. Plus, 37% of the U.S. corn crop is in the dough stage, compared to 15% a year ago. Also, the USDA sees 13% of the corn is dented vs. 3% a year ago and a 3% five-year average.
The USDA rated the soybean crop as 37% very poor-poor, 34% fair, and 29% good/excellent. The legume crop is setting pods at a rate of 55% vs. 29% a year ago and a five-year average of 35%. Also, the U.S. soybeans are 88% bloomed, vs. a 72% a year ago.
Meanwhile, the U.S. Winter wheat harvest is 85% complete, vs. 77% a year ago. The Spring wheat crop is rated as 63% good/excellent, 26% fair and 11% very poor-poor.
Jack Scoville, PRICE Group vice president, says the declining ratings were mostly anticipated.
"It (report's crop condition rating) deteriorated, but no more than people expected. I view this as market-neutral for Tuesday's trade," Scoville says.