Corn conditions took a slight dip, while soybean conditions moved up slightly in the last week, as the development pace for both crops settled in close to the average pace, according to Monday's USDA-NASS Crop Progress report.
Overall, 72% of the nation's corn crop's in good or excellent condition, down just 1% from the previous week and 11% higher than this time a year ago. Soybean conditions moved 1% higher in the last week, with good- or excellent-rated beans accounting for 71% of the nation's crop.
"The central Corn Belt has a really good crop, with Iowa rated 73% good to excellent, Illinois is rated 80% and Missouri at 83% good to excellent. The lowest ratings are in Kansas and Minnesota. Corn denting is at 22%, which is 5% below the 5-year average," says Kluis Commodities market analyst and broker Al Kluis. "The nation’s soybean crop rating improved by 1% and is now rated at 71% good to excellent. Again, the best crops are in the central Corn Belt and the problem areas are up north and out west."
See more from Monday's Crop Progress report Markets React: Soybeans Higher, Corn Lower
The shifts in crop ratings in Monday's report are slight, but will still likely cause a slight shift in market prices, Kluis says. Starting with the opening bell for the overnight session this evening, he says prices will likely start out essentially in lock-step with the ratings USDA released Monday.
"Today's report is a little supportive for prices tonight. I expect corn to start out 1 cent higher tonight," Kluis says of the corn trade. "Today's report is likely to take [soybean] prices a little lower tonight."
