The U.S. crop condition ratings came in better than expected Monday, putting continued downward pressure on prices.
In its Weekly Crop Progress Report, the USDA rated the U.S. corn crop at 69% good/excellent, slightly above last week’s 68%. However, the corn crop is silking at a rate of 12% vs. the 18% five-year average.
For soybeans, the USDA rated the crop as 63% good/excellent vs. 63% a week ago. With 96% of the crop planted vs. 100% a year ago, that leaves about 3.2 million acres left to plant. As of Sunday, 93% of the soybean crop had emerged from the ground, compared with the 97% five-year average.
Also, 21% of the soybean crop is in the bloom stage, equal to the five-year average.
USDA rated the U.S. winter wheat harvest at 55% complete vs. the 59% five-year average.
Al Kluis, Kluis Commodities, says the report is considered negative for crop prices.
“The better corn condition rating was a surprise, with most traders looking for 1% to 2% lower,” Kluis stated in a letter to customers. “The best crops are in the northern and western Corn Belt. The problem areas are in the central, eastern, and southern Corn Belt,” Kluis stated.
For soybeans, the report is mixed but still negative for the market. “Missouri is 73% planted, and Illinois is 94% planted. The best crops are again in the northern and western areas, while the lowest-rated crops are in Missouri, Ohio, and Indiana,” Kluis stated.
For wheat, the market is expected to react positively, with harvest still behind five-year averages.
