USDA Confirms Ideal Crop Conditions
DES MOINES, Iowa (Agriculture.com)--Ideal crop weather sent CME Group soybean futures to a double-digit close lower and corn to a 3 1/2-year low Monday.
The Dec. corn futures closed 6 1/2 cents lower at $3.72. Nov. soybean futures finished 13 3/4 cents lower at $10.71. Sep. wheat futures finished 2 1/4 cents lower at $5.30.
The Dec. soymeal futures contract settled $5.00 per short ton lower at $346.80. The December soyoil futures ended $0.46 cents lower at $36.26.
In the outside markets, the NYMEX crude oil is $0.73 per barrel higher, the dollar is higher, and the Dow Jones Industrials are 36 points lower.
CROP PROGRESS REPORT
After the close, the USDA released its weekly Crop Progress Report. The U.S. corn and soybean crops' condition progress, though still very good, changed little from a week ago, according to the governmental agency.
In its report Monday, the USDA rated the U.S. corn crop as 76% good/excellent, unchanged from a week ago, and above 63% from a year ago. The government says that 56% of the U.S. corn crop is silting vs. 39% a year ago at this same time.
For soybeans, the good/excellent rating jumped one percentage point to 73% vs. a week ago and 64% a year ago. The soybean crop is rated as 60% in the blooming stage vs. a 56% five-year average. The USDA sees 19% of the crop is the pod-setting stage vs. a 17% five-year average.
The USDA rated spring wheat as 70% good/excellent, unchanged from a week ago.