USDA Corn, Soybean Ratings Stay Steady
In the USDA’s latest Crop Progress Report, corn and soybean conditions remain unchanged. The spring wheat harvest continues to pull ahead of the five-year average rate, while winter wheat is nearly complete.
"These reports are about what was expected and are very high for this time of year," says analyst Al Kluis. "The crops are in good condition and ahead of normal maturity."
Like last week, 74% of corn is rated good to excellent, 19% is rated fair, and 7% is considered to be in poor to very poor condition.
According to Kluis, today's report will be slightly negative for prices when trading starts up again at 7 P.M. "I expect corn to start out unchanged based on this news," he says.
Right in line with the five-year average rate, corn is 21% dented. That number climbed 12% since last week’s report. A whole 73% of U.S. corn is in the dough stage, which is a 20% climb since last week and 13% of the five-year average rate.
Similar to corn, 72% of soybeans are rated good to excellent, 21% are rated fair, and 7% are considered to be in poor to very poor condition.
Kluis thinks the report is slightly negative for soybeans, as well. He is expecting soybeans to be steady tonight based on the report's numbers.
Climbing 4% since last week, 95% of U.S. soybeans are now blooming. As for setting pods, 80% of soybeans are doing so, which is 5% ahead of the five-year average.
Winter wheat is nearly harvested at 97% complete, which is a small 3% climb since last week’s report.
As for spring wheat, 48% is harvested, which is a whopping 18% ahead of the five-year average. Spring wheat rated good to excellent dropped 2% to 66%, while 25% is rated fair and 9% is considered poor to very poor.