USDA Corn Rating Falls, Soybean Rating Rises
DES MOINES, Iowa -- On Monday, the USDA still has no good news for the U.S. corn crop. However, the soybean crop is showing some promise.
As of Sunday, 61% of the U.S. corn crop had been rated good/excellent, below the 62% rating a week ago, and sharply below the 76% rating a year ago, according to the USDA Crop Progress Report Monday.
USDA pegged the amount of the U.S. corn in the silking stage at 85%, equal to the 85% five-year average.
Meanwhile, 23% of the U.S. corn crop is in the dough-growth period, compared with a 25% five-year average.
For soybeans, 48% of the nation’s crop is setting pods vs. a 45% five-year average. The U.S. soybean crop good/excellent rating is at 59%, slightly ahead of last week’s 57% rating.
The USDA pegged soybean blooming at 82% vs. a 80% five-year average.
The USDA pegged the U.S. spring wheat crop as 31% good-to-excellent, below 33% a week ago.
Al Kluis, Kluis Commodities, says that today’s USDA report is mixed for prices tonight.
“Today’s report is friendly for corn prices tonight. For soybeans, this report is negative for prices tonight. For spring wheat, this report is friendly for spring wheat prices. I expect prices to be 2¢ to 4¢ higher tonight,” says Kluis.