Home / News / Crops news / Some Corn, Soybeans 'On Track For Record Yields' -- Analyst, USDA

Some Corn, Soybeans 'On Track For Record Yields' -- Analyst, USDA

Jeff Caldwell 07/14/2014 @ 3:24pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Weather conditions continue to stay corn- and soybean-friendly, and the latest USDA Crop Progress data show that weather remains behind a steady climb in overall field conditions.

Monday's weekly USDA report shows a 1% improvement in corn conditions nationwide. Now, 76% of the crop is in good or excellent condition. The numbers are led by Illinois, where USDA estimates 81% of the crop is in the top two condition categories.

Meanwhile, soybean conditions were unchanged overall, with a 1% gain in the segment of that crop rated "excellent" and a 1% slip in that rated "good," Monday's report shows.

"The Corn Belt states of Illinois, Ohio, Nebraska, and Pennsylvania are on track to post record yields. Corn pollinating is at 34%; this is up from 15% last week and 1% ahead of the five-year average," says Kluis Commodities broker and analyst Al Kluis. "The nation’s soybean crop is rated very high, with a rating of 72% good to excellent. Again, the best crops are in the central Corn Belt, and the problem areas are in Minnesota and Kansas."

Kluis says he expects Monday's data to be slightly bearish -- not a surprise considering the largely bearish tone in the grains over the last two weeks -- heading into Monday night overnight trading and into Tuesday's session.

"Today's report is a little negative for prices tonight. I expect corn to start out 1 to 2 cents lower tonight," he says. "For soybeans, today's report is likely to take prices a little lower tonight for new-crop prices."

CancelPost Comment

mark guildenzoph 07/15/2014 @ 12:48pm 50's in July yeah great growing weather helps with the 5 inches of rain that is still standing in most fields you guys are greedy morons

Report Abuse Reply

A Smartphone Without a Smartphone By: 03/03/2015 @ 3:09pm Fishing around in your coat or pants pocket for your smartphone to check the weather or markets…

Weather Ramping Up to Slow, Cool Start to… By: 03/03/2015 @ 1:41pm A slow start . . . but not too slow. Right now, that's the outlook for corn and soybean…

3 Things to Watch This Morning, Tuesday… By: 03/03/2015 @ 6:41am Turnaround Tuesday for the grains again?Soybean futures led the way down for the grains on Monday…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Planter tips: Parallel linkage