Content ID

122574

USDA: U.S. Corn Mature Rate Below 5-Year Average

The crop ratings remain strong

DES MOINES, Iowa --On Monday, the USDA left alone its already high good/excellent rating for the U.S. corn crop, compared with a week ago. Meanwhile, the same condition status for soybeans improved slightly from a week ago.

In its weekly Crop Progress Report, the USDA pegged the corn crop at 75% good/excellent, equal to a week ago. Also, 60% of the nation’s corn has reached the dented stage vs. a 52% five-year average; 92% of the corn is in the dough growth stage, compared with an 87% five-year average.

The USDA rated 9% of the U.S. corn crop as matured, below an 11% five-year average.

For soybeans, 73% of the crop is rated good/excellent, above a 72% rating from a week ago. USDA pegged the nation’s soybean crop as 94% pod-setting vs. the 92% five-year average.

USDA rated the leaf-dropping rate at 5%, equal to the five-year average.

Al Kluis, Kluis Commodities, says the USDA crop ratings will help Monday night’s corn market.

“These reports are about what was expected and are very high for this time of year. The mature rating is at 9%, which is 1 point better than last year and 2 points lower than the five-year average. The average guess was at 13% maturity level,” Kluis says.

Kluis adds, “I expect corn to start out unchanged to slightly higher based on the slight disappointment in corn maturity.”

“The report is slightly negative for soybeans. I look for soybeans to be steady tonight based on this news,” Kluis told customers in a daily newsletter.

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