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USDA Can’t Stop the Bleeding in Its Crop Ratings

Soybean rating drops further than the trade’s expectations.

DES MOINES, Iowa -- For over a month, the weekly USDA Crop Progress Report has shown declining corn conditions. And the spring wheat and soybean crops are not far behind the corn crop records.

In its weekly Crop Progress Report, the USDA sent all three crops’ ratings lower.

CORN

As of Sunday, 62% of the U.S. corn crop had been rated good/excellent, below the 64% rating a week ago, and sharply below the 76% rating a year ago, according to the USDA Crop Progress Report Monday.

The governmental agency noted that Minnesota’s corn crops are rated at 80% good-to-excellent condition, while Iowa’s crop rating is pegged at 68%; with Iowa’s state rating below a week ago. Illinois’ corn rating comes in at 63%, Nebraska’s at 61%, and Indiana’s at just 47%.

USDA pegged the amount of the U.S. corn in the silking stage at 67%, below a 69% five-year average.

Meanwhile, 8% of the U.S. corn crop is in the dough growth period, compared with a 13% five-year average.

SOYBEANS

For soybeans, 29% of the nation’s crop is setting pods vs. a 27% five-year average.
The U.S. soybean crop good/excellent rating is at 57%, four points below last week’s 61% rating and below the trade’s expectations of 60%.

The USDA pegged soybean blooming at 69% vs. a 67% five-year average.

WHEAT

The USDA pegged the U.S. spring wheat crop as 33% good-to-excellent, below 34% a week ago.

Al Kluis, Kluis Commodities, says that today’s USDA report is friendly for prices tonight.

“Today’s report is friendly for prices tonight. I expect corn to start out 1¢ to 3¢ higher tonight. I expect soybeans to start out 5¢ to 7¢ higher tonight,” says Kluis.

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