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USDA: Soybean plantings at 91%, corn rates high

Agriculture.com Staff 06/14/2010 @ 2:15pm

CHICAGO, Illinois (Agriculture.com)--The U.S. corn crop is nearly completely emerged with most in excellent condition, while the soybean plantings remain on-pace with expectations, according to the USDA Monday.

In its weekly Crop Progress Report, the USDA estimates 98% of the U.S. corn crop as emerged, up from 94% a year ago and a 97% five-year average. USDA rated the corn crop as 77% good/excellent, 18% fair, and 5% very poor-poor.

Jason Ward, Northstar Commodity Investment Co., says the report could prove negative for the corn market. "I view this report as friendly to beans and bearish to corn. Planting progress for beans is in line with expectations at 91% planted. Trade estimate was 89-92%. Conditions with corn up 1% is slightly bearish as trade estimates were for steady ratings."

The biggest surprises in corn ratings are the 5% drop in Ohio and a 4% drop in Nebraska, Ward says. "I'm surprised to see South Dakota up 4% with Nebraska down 4%, since they are so close in proximity. Overall, corn ratings are very highly rated at 76% good/excellent with Minnesota blowing the doors off at 94%, wow," he says.

For soybeans, 91% of the crop has been planted vs. 84% a week ago and a 90% five-year average. The trade expected between 8-10% of the crop remained unplanted, as of Sunday. Also, the USDA rated the soybean crop as 73% good/excellent, 22% fair, and 5% very poor-poor. The crop is 80% emerged, sharply above a 66% week ago average, and slightly higher than a 79% five-year average.

Ward says the soybean ratings fell 2% to 73% good/excellent. "The biggest declines were in Nebraska, down 8% and Ohio and Wisconsin both down 4%. Big rains reported over the weekend and that could be harmful to small beans that were planted late," he says.

For soybean planting, states such as Indiana, Kansas, Ohio, and Missouri are the furthest behind. As of Sunday, Missouri recorded the slowest planting pace of 71%.

For wheat, the USDA rated the spring crop as 86% good/excellent, 13% fair, and 1% very poor-poor. Also, the spring crop is 97% emerged compared to 92% year ago and a 98% five-year average.

Meanwhile, the USDA rated the winter wheat crop 66% good/excellent, 25% fair, and 9% very poor-poor. As of Sunday, 9% of the winter wheat crop has been harvested vs. 7% a year ago and a 12% five-year average. And, 88% of the crop has headed vs. 89% a year ago.

CHICAGO, Illinois (Agriculture.com)--The U.S. corn crop is nearly completely emerged with most in excellent condition, while the soybean plantings remain on-pace with expectations, according to the USDA Monday.

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