Though they remain below year-ago ratings, the U.S. corn and soybean ratings show an improvement on a week-to-week basis, according to the USDA.
In its Crop Ratings Report Monday, the USDA pegged the corn good/excellent condition at 69%, equal to a week ago, but below a 76% five-year average. This is the first time this year the corn rating was not below the previous week's rating. The corn crop’s silking rate is at 55% vs. a five-year average of 56%.
For soybeans, the good/excellent rating is 62%, equal to a week ago and below a 73% year-ago rating. Also, 56% of the soybeans have reached the bloom stage, equal to a five-year average. USDA rated the soybean crop as 17% setting pods, equal to a five-year average. The U.S. wheat harvest (75%) has moved ahead of the five-year average of 74%. Also in the good news department, the USDA sees the U.S. pasture and range conditions at 63% good/excellent vs. 53% a year ago.
TRADE REACTION
Today’s crop ratings came in as expected. Helen Pound, WedBush Futures Inc., says the steady to good ratings were expected.
“Good quality ratings may allow the market to remove some additional weather risk premium, but if the weather ratings are disappointing, then new buying interest may emerge,” Pound stated in a note to customers.
