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U.S. Corn, Soybean Conditions Weaken

DES MOINES, Iowa (—The U.S. corn and soybean crop conditions drop for a third week in a row, according to the USDA Monday.

In its Crop Progress Report, the USDA rated the U.S. corn crop as 68% good/excellent vs. 71% a week ago and 75% a year ago. About 4% of the crop is in the silking stage, compared with an 8% five-year average.

Within the top-producing states, Iowa’s corn is rated as 83% good/excellent, llinois 62%, Indiana at 48%. Some of the biggest concerns remain with Ohio’s corn rated at 42% good/excellent and Kansas corn at 56%.

For soybeans, USDA pegged the crop as 94% planted vs. a 97% five-year average. As of Sunday, the U.S. crop was seen as 63% good/excellent condition vs. 65% a week ago. The soybean crop is 89% emerged vs. a five-year average of 94%. And, 8% of the crop is blooming vs. a 9% five-year average.

In its report, the USDA showed the U.S. winter wheat as 38% harvested vs. a 46% five-year average.

Al Kluis, Kluis Commodities, says that the USDA report is price-positive for tonight’s electronic trading market.

“This corn good/excellent rating was lower than the grain trade expected,” Kluis says. Kluis adds, “The soybean planting rating is 94% complete. That means that nationwide, 5.8 million acres still need to be planted. This is about 3 million acres more than usual for this time in June.  Soybean conditions were also lower than expected.”

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