Corn Crop Matures At Fast Pace, USDA Says

DES MOINES, Iowa -- The U.S. corn crop is maturing twice as fast as the five-year average.

All categories of soybean conditions remain ahead of averages.

The trade had expected the ratings to stabilize.

CORN

On Monday, the USDA Crop Progress Report pegged the U.S. corn crop as 68% good/excellent, equal to last week’s rating.

USDA pegged 92% of the corn crop as being in the dough stage vs. a 84% five-year average.

There is 61% of the corn in the dent stage vs. a 42% five-year average.

Also, 10% of the corn has matured, well above a 5% five-year average.

SOYBEANS

In its report, USDA pegged the U.S. soybean crop condition at 66% good/excellent, slightly ahead of a week ago of 65%.

USDA rated 95% of the soybean crop as setting pods vs. a 90% five-year average.

Also, 7% of the soybean crop is dropping leaves, above a 4% five-year average.

WHEAT

For spring wheat, USDA pegged harvest at 77% vs. 61% five-year average.