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USDA Sees U.S. Corn Condition Getting Worse
DES MOINES, Iowa -- On Monday, the USDA dropped the U.S. corn crop rating, much like it has all crop-season long. Meanwhile, the soybean crop is slightly better.
As of Sunday, 60% of the U.S. corn crop had been rated good/excellent, below the 61% rating a week ago, and sharply below the 74% 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 93%, below a 94% five-year average.
Meanwhile, 42% of the U.S. corn crop is in the dough-growth period, compared with a 44% five-year average.
And, just 7% of the crop has reached the dented growth stage, below an 11% five-year average.
For soybeans, 65% of the nation’s crop is setting pods vs. a 62% five-year average. The U.S. soybean crop good/excellent rating is at 60%, slightly ahead of last week’s 59% rating.
The USDA pegged soybean blooming at 90% vs. a 88% five-year average.
The USDA pegged the U.S. spring wheat crop as 32% good-to-excellent, up from 31% a week ago.
Al Kluis, Kluis Commodities, says that today’s USDA report is mixed for prices tonight.
“Today's report is slightly friendly for prices tonight. I expect corn to start out 1 to 2 cents higher tonight, but 2 to 4 cents lower for soybeans,” Kluis stated in a note to customers.
He added, “For spring wheat, this report is slightly negative. I expect prices to be 2 to 4 cents lower tonight,” says Kluis.