The U.S. corn and soybean crops conditions continue to fall, according to the USDA.
On Monday, the government’s Crop Condition Report rated the U.S. soybean good/excellent rating dropped from 67% a week ago to 65%. The USDA pegged the crop as 90% planted vs. a 95% five-year average. Also, 84% of the U.S. soybean crop has emerged vs. an 87% five-year average.
For corn, the U.S. crop rating fell to 71% good/excellent from 74% a year ago.
In its report, the USDA pegged the U.S. wheat harvest at 19% complete vs. a 31% five-year average. Also, winter wheat conditions dropped from 43% good/excellent a week ago to 41% this week.
Al Kluis, Kluis Commodities, says the condition report is price-positive for the Monday night farm markets.
"The corn rating falling 2% was a little less than the grain trade had expected,” Kluis says. The three problem areas: The southern plains, the Delta, and the eastern Corn Belt.
For soybeans, nationwide, 8.5 million acres still need to be planted. This is about 4 million acres more than usual for this time in June, Kluis says. “Missouri is 51% planted, with Kansas seeding 73% complete. Those two states have about 3 million acres of full-season soybeans still waiting to be planted.”
