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USDA Drops Corn Condition Rating

DES MOINES, Iowa (—The U.S. soybean crop is having the darndest time getting planted, while corn conditions sputter along, according to the USDA.

In its weekly Crop Progress Report, the USDA rated soybean planting at 87% complete, behind a 90% five-year average. Also, 75% of the crop has emerged vs. a 77% five-year average. USDA sees the soybean conditions at 67%, compared with 69% a week ago.

With 97% of the U.S. corn crop out of the ground, the USDA rated 73% of it in good/excellent condition vs. a 76% five-year average. 

For U.S. winter wheat harvest, 11% of that activity is complete, behind a 20% five-year average. The wheat quality is rated as 43% good/excellent, equal to a week ago.

Al Kluis, of Kluis Commodities, says that the report is positive for Monday night’s CME Group electronic trading. All markets are seen starting up 1 to 2 cents, the veteran commodity trader says.

“For the U.S. corn crop, Monday’s report indicates the problem areas are in the southern Plains. The central Corn Belt looks great,” Kluis says. Regarding soybean planting, Missouri is at 42% planted, with Kansas seeding at 57% complete.”

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