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USDA: Corn Ratings Drop

DES MOINES, Iowa ( U.S. corn ratings dropped from a week ago, while the soybean crop conditions remain the same, the USDA says.

In its Weekly Crop Progress Report Monday, the governmental agency rated the U.S. corn crop good/excellent condition at 73%, two percentage points below a week ago. The amount of the crop in the silking stage is at 90% vs. a 88% five-year average. And the U.S. corn crop in the dough stage is rated at 36%, above the 29% five-year average.

For soybeans, the good/excellent rating this week, at 71%, is equal to a week ago. Overall, 57% of the U.S. soybean crop is in the setting pods stage, compared to a 48% five-year average. Also, the USDA estimated that 85% of the crop is blooming, slightly ahead of the 83% five-year average.

The USDA sees the U.S. winter wheat harvest at 90% completed, vs. a five-year average of 85%. And the U.S spring wheat is rated 70% good/excellent, up from 68% a week ago.

Al Kluis, Kluis Commodities, sees today's drop in ratings helping the corn market to start higher tonight. "If the western Corn Belt does not get any significant rain this week, then I will look for lower crop ratings again next Monday," Kluis wrote in a daily newsletter to customers.

For corn, dry weather in the western Corn Belt is beginning to take a toll on ratings, Kluis says. "The best crops are in Illinois and Missouri. The lowest ratings for crops are in Minnesota, Nebraska, and South Dakota," Kluis says.  On the soybean side of today's USDA Report, soybean crop ratings were unchanged.

"Dry weather at this time of year is more of a concern for soybeans than corn," Kluis says.

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