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U.S. Corn, Soybean Ratings Drop Further

DES MOINES, Iowa (—The U.S. corn and soybean crops conditions continue to fall, according to the USDA. 

On Monday, the government’s Crop Condition Report rated the U.S. soybean good/excellent rating dropped from 67% a week ago to 65%. The USDA pegged the crop as 90% planted vs. a 95% five-year average. Also, 84% of the U.S. soybean crop has emerged vs. an 87% five-year average.

For corn, the U.S. crop rating fell to 71% good/excellent from 74% a year ago. 

In its report, the USDA pegged the U.S. wheat harvest at 19% complete vs. a 31% five-year average. Also, winter wheat conditions dropped from 43% good/excellent a week ago to 41% this week.

Al Kluis, Kluis Commodities, says the condition report is price-positive for the Monday night farm markets.

"The corn rating falling 2% was a little less than the grain trade had expected,” Kluis says. The three problem areas: The southern plains, the Delta, and the eastern Corn Belt.  

For soybeans, nationwide, 8.5 million acres still need to be planted. This is about 4 million acres more than usual for this time in June, Kluis says. “Missouri is 51% planted, with Kansas seeding 73% complete. Those two states have about 3 million acres of full-season soybeans still waiting to be planted.”

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