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Can You Say, ‘Uh Oh?’ USDA Keeps Dropping Crop Ratings
DES MOINES, Iowa --The U.S. corn and soybean crop conditions continue to weaken, as the hot and dry weather threatens corn pollination and soybean pod-setting stages.
In its weekly Crop Progress Report, the USDA dropped both crops’ good-to-excellent ratings, for the fourth week in a row, while the spring wheat crop continues to deteriorate.
Meanwhile, the corn crop rating is worse than the 2013 crop at this point in the growing season.
As of Sunday, 64% of the U.S. corn crop had been rated good/excellent, below the 65% rating a week ago but within the trade’s expectations, according to the USDA Crop Progress Report Wednesday.
The governmental agency noted that Minnesota’s corn crops are rated at 79% good-to-excellent condition, while Iowa’s crop rating is pegged at 71%; both state ratings are below a week ago. USDA pegged the amount of the U.S. corn in the silking stage at 40%, below a 47% five-year average.
Click on the map to see state-by-state differences for corn condition.
For soybeans, 52% of the nation’s crop is blooming vs. a 51% five-year average. USDA pegged soybeans that are setting pods at 16% vs. a 13% five-year average.
The U.S. soybean crop good/excellent rating is at 62% vs. a 64% rating a week ago and a 71% rating a year ago.
Click on the map to see state-by-state differences for soybean condition.
The USDA pegged the U.S. spring wheat crop as 34% good-to-excellent, below 35% a week ago.
Al Kluis, Kluis Commodities, says that today’s USDA report is friendly for prices tonight.
“I expect corn to start out 1¢ to 2¢ higher tonight. I expect soybeans to start out 1¢ to 2¢ higher tonight. And this report is friendly for spring wheat prices. I expect prices to be 1¢ to 3¢ higher tonight,” says Kluis.