U.S. Corn Improves to 75% Good to Excellent

U.S. Corn Improves to 75% Good to Excellent

Soybeans stay at 72% good to excellent on USDA crop report

U.S. corn's condition improved slightly to 75% good to excellent, while soybeans remained at 72% although they gained an excellent rating point to 15% while good lost one to dip to 57%.

The 75% rating for corn may be a mild surprise as some people had speculated an excess of rain in the Midwest may have hurt the crops. Farm Futures had expected 73% for corn and 71% for soybeans.

Rain fell in much of the Midwest over the weekend and forecasts call for normal to above-normal rain in the region this week.

U.S. corn condition improves to 75% good to excellent

In Iowa, the top corn and soybean producer, there were only two days suitable for fieldwork because of rain, storms, high wind and hail. Its corn remained at 79% good to excellent and soybeans slipped 1 point to 75%.

Chicago corn and soybean futures were sharply lower on Monday as USDA early in the day reported larger-than-expected corn stocks at 3.85 billion bushels and much larger-than-expected planted soybean acreage at 84.84 million.

USDA weekly crop progress data showed 5% of the corn silking, down from the 9% average. However, in key states silking had not begun or was just starting. Iowa silking was zero, Illinois 4%, and Nebraska 1%, all were behind the averages.

For soybeans, blooming was 10% done, which matched the average. In Iowa, 6% was blooming versus the 9% average and Illinois was 9% versus the 7% average.

Winter wheat harvest at 43%
Winter wheat harvest advanced to 43% from the previous week's 33% but trailed the 48% average. Harvest was 40% done in Kansas, the largest wheat state, versus the 66% average. Texas was at 77%, versus the79% average, while Oklahoma was at 89%, versus the 91% average.

The soft red winter harvest remained behind average with Illinois at 55% versus the 62% average; Indiana was at 28% versus 44%; and Arkansas, 87% versus 97%.

Winter wheat ratings were identical to the previous week at 5% excellent, 25% good, 26% fair, 22% poor and 22% very poor. The poor ratings were mostly in Kansas, Oklahoma and Texas where the crop was hurt by drought, an April freeze and harvest-time rain.  Washington's crop was mixed, with 30% good to excellent, 43% fair, 20% poor and 7% very poor.

Soft red winter wheat was better with Arkansas wheat was unchanged at 66% good to excellent, Illinois slipped to 56% from 59%, Indiana slipped to 65% from 69%, and Ohio stayed at 69%.

Spring wheat was 26% headed versus the 29% average. North Dakota, the top producer, was 14% headed versus the 23% average. The overall crop was rated 70% good to excellent, down a tick from last week's 71%. North Dakota's crop was 83% good to excellent.

Cotton squaring at 36%, rated 53% good to excellent
Cotton squaring was at 36% and bolls were set on 7%, versus the 42% and 10% averages. The crop was rated 53% good to excellent, unchanged from a week ago.

Oats were 69% headed, compared with the 73% average, and were rated 64% good to excellent. Sorghum was 21% headed versus the 23% average and was 59% good to excellent. Rice was 9% headed, matching the average, and was rated  69% good to excellent.

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