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U.S. Corn Rating Drops, USDA Says
DES MOINES, Iowa — The U.S. corn crop rating has dropped from a week ago and remains much lower than a year ago.
As of Sunday, 67% of the U.S. corn crop had been rated good/excellent, slightly below 68% a week ago and well under a rating last year at this time of 75%, according to the USDA Crop Progress Report Monday.
The governmental agency noted that Illinois and Indiana’s corn crops remain well behind in good/excellent rating categories.
Meanwhile, Iowa and Minnesota crops are rated the highest.
USDA pegged the U.S. corn emergence at 94%, equal to a five-year average.
Al Kluis, Kluis Commodities, says today’s report could give the corn market a friendly nudge.
“Today’s report is neutral for prices tonight. I expect corn to start out 1¢ to 2¢ higher tonight because of friendly spring wheat report.
He added, “For soybeans, this report is slightly friendly for prices tonight. I expect soybeans to start out 1¢ to 2¢ higher tonight,” Kluis stated in a daily note to customers Monday.
For soybeans, 92% of the the nation’s crop has been planted vs. an 87% five-year average.
USDA pegged soybean emergence at 77% vs. a 73% five-year average.
The U.S. soybean crop good/excellent rating is at 67% vs. a 74% rating a year ago.