USDA Surprises Trade With a Lower Corn Crop Rating
DES MOINES, Iowa — The U.S. corn crop condition surprisingly dropped from a week ago, while soybeans get a high first-of-the-year rating.
In its Weekly Crop Progress Report Monday, the USDA rated corn planting at 97% complete vs. a 95% five-year average.
USDA pegged 86% of the corn crop as emerged vs. the 83% five-year average.
The U.S. corn crop is rated 78% good/excellent, slightly below last week’s rating of 79% and below the trade’s expectations of 79% to 80%.
In its report, USDA pegged the U.S. soybean crop as 87% planted vs. a 75% five-year average.
USDA pegged soybean emergence at 68% vs. a 52% five-year average.
For the first time this season, the USDA rated the crop condition for soybeans and pegged it at 75% good/excellent.
The U.S. winter wheat crop is pegged as 37% good/excellent vs. 38% a week ago. Plus, 5% of the crop has been harvested vs. a 4% five-year average.
USDA reported that 63% of the U.S. spring wheat has emerged vs. a 68% five-year average.