U.S. Soybean Crop Rating Drops, Corn Unchanged
DES MOINES, Iowa -- For the second week in a row, the U.S. corn crop rating is the same as it was the previous week. Plus, there is not much to write home to 'mom' about, regarding the U.S. soybean crop.
As of Sunday, 67% of the U.S. corn crop had been rated good/excellent, unchanged from a week ago and well under a rating last year at this time of 75%, according to the USDA Crop Progress Report Monday.
The governmental agency noted that Minnesota’s corn crops are rated at a strong 78% good-to-excellent condition, while Iowa’s crop rating is pegged at 79%.
USDA pegged the U.S. corn silking at 4%, 5% five-year average.
For soybeans, 94% of the the nation’s crop has emerged vs. an 91% five-year average. USDA pegged soybean blooming 9% vs. a 7% five-year average.
The U.S. soybean crop good/excellent rating is at 66% vs. a 67% rating a week ago.
Al Kluis, Kluis Commodities, says today’s report could give the corn market a friendly nudge.
“Today's report is slightly friendly for prices tonight. I expect corn to start out 1 to 2 cents higher tonight,” Kluis stated.
He added, “This report is slightly friendly for prices tonight. I expect soybeans to start out 1 to 2 cents higher tonight,” Kluis stated in a daily note to customers Monday.