USDA: U.S. Soybean Crop Losing Ground

DES MOINES, Iowa -- U.S. corn and soybean good/excellent ratings drop from a week ago.

The trade had expected the ratings to worsen.

CORN

On Monday, the USDA Crop Progress Report pegged the U.S. corn crop as 71% good/excellent, below a 72% rating from a week ago.

USDA pegged 96% of the corn crop as being in the silk stage vs. a 92% five-year average.

Also, 57% of the corn has entered the dough stage compared with a 37% five-year average.

There is 12% of the corn in the dent stage vs. a 6% five-year average.

SOYBEANS

In its report, USDA pegged the U.S. soybean crop condition at 67% good/excellent, below a week ago rating of 70%.

USDA rated 75% of the soybean crop as setting pods vs. a 58% five-year average.

Also, 92% of the crop is blooming vs. an 86% five-year average.

WHEAT

USDA reported that 13% of the U.S. spring wheat is harvested vs. a 14% five-year average.