As expected, the U.S. corn and soybean crop condition ratings have been left unchanged from a week ago, according to the USDA Crop Progress Report Monday.
For corn, the USDA rated the crop as 74% good/excellent, equal to a week ago and ahead of the 63% five-year average. The report shows that 4% of the crop has been harvested, with 2% completed in Illinois and 12% in Missouri.
Overall, 82% of U.S. corn is in the dent stage, behind an 85% five-year average. Only 27% of the U.S. corn total production is rated as mature, behind a 39% five-year average.
Mother Nature Welcomes Midwest Harvest Season
Al Kluis, Kluis Commodities trader, says today's report is negative for prices tonight. "I expect corn to start out 1 to 2 cents lower tonight. For soybeans, today's report is likely to take prices 2 to 3 cents lower tonight."
In its weekly report, the USDA pegged the U.S. soybean crop as 72% good/excellent, equal to a week ago and significantly ahead of a 50% five-year average.
The USDA reported that 74% of the U.S. Spring Wheat harvest is complete, compared to an 86% five-year average. Meanwhile, winter wheat planting is 12% complete, vs. the 11% five-year average.
