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USDA: Corn rated 76% good/excellent, soybeans 75%

Agriculture.com Staff 06/07/2010 @ 3:05pm

The entire U.S. soybean crop is nearly planted while corn is mostly emerged. Both crops get exceptional ratings in Monday's USDA Weekly Crop Progress Report.

Corn

For corn, 94% of the crop has emerged, well above a 85% year ago average and a 91% five-year average. USDA rated the corn crop as 76% good/excellent, 19% fair, and 5% very poor-poor.

Shawn McCambridge, Prudential Bache Commodities LLC senior grain analyst says the market will see this report as bearish. "What will really standout is just how exceptionally strong of a rating this crop is getting. We have early planting and now good crop ratings."

McCambridge adds, "This week's report is showing some trouble spots in state's like Missouri. But, that state's 49% good/excellent corn rating is improving."

Overall, even though the USDA already expects an above trendline yield for this year's corn crop, the market may start thinking about even higher yields with crop condition reports like Monday's, McCambridge says. "But, I don't expect the USDA to raise its yield estimates in its Supply/Demand report Thursday."

Soybeans

For soybeans, USDA rated the crop 75% good/excellent, 21% fair, and 4% very poor-poor. Also, 66% of the soybean crop has emerged, sharply higher than a year ago average of 52%, and higher than a five-year average of 64%. USDA says 84% of the crop is planted, a pace above 76% from a year ago, and equal to the five-year average.

McCambridge says that even though this week's report is good, there are a lot of growing days left in the season. "We don't start getting actual field surveys until the August monthly USDA report. "I don’t think USDA will start raising yield estimates right away. If we continue to see favorable weather, maybe we could see higher yield estimates in July. It's important though we don't get ahead of ourselves on this crop."

Wheat

For winter wheat, USDA reported 3% of the crop has been harvested, slightly behind 4% from a year ago, and a 6% five-year average. The crop is rated 66% good/excellent, 25% fair, and 9% very poor-poor. Also, 84% of the winter wheat is headed, equal to a year ago.

In its report, USDA estimated the spring wheat as 90% emerged, vs. 82% a year ago, and a 94% average. Also, the crop is rated 84% good/excellent, 15% fair, and 1% very poor-poor.

Cotton

USDA estimated the U.S. cotton crop as 91% planted, vs. 86% a year ago pace, and an 88% five-year average.

The entire U.S. soybean crop is nearly planted while corn is mostly emerged. Both crops get exceptional ratings in Monday's USDA Weekly Crop Progress Report.

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