USDA Drops U.S. Soybean Crop Rating
DES MOINES, Iowa -- With the U.S. soybean condition rating dropping and the corn crop’s grade only slightly higher than a week ago, the concern about this year’s growing season continues.
As of Sunday, 68% of the U.S. corn crop had been rated good/excellent, slightly above the 67% rating a week ago but well under a rating last year at this time of 75%, according to the USDA Crop Progress Report Wednesday.
The governmental agency noted that Minnesota’s corn crops are rated at a strong 80% good-to-excellent condition, while Iowa’s crop rating is pegged at 78%. USDA pegged the U.S. corn silking at 10%, below a 13% five-year average.
For soybeans, 98% of the nation’s crop has emerged vs. a 95% five-year average. USDA pegged soybean blooming 18% vs. a 17% five-year average.
The U.S. soybean crop good/excellent rating is at 64% vs. a 66% rating a week ago.
The USDA pegged the U.S. winter wheat crop at 48% good/excellent vs. 49% a week ago.
Al Kluis, Kluis Commodities, says today’s report could push the soybean and spring wheat markets higher.
“Today's report is slightly negative for prices tonight. I expect corn to start out 1¢ to 2¢ lower tonight,” Kluis stated.
He added, “This report is slightly friendly for prices tonight. I expect soybeans to start out 2¢ to 4¢ higher tonight,” Kluis stated in a daily note to customers Monday.
For spring wheat, this report is seen as friendly, perhaps pushing up prices 6¢ to 10¢ tonight, Kluis stated.