U.S. Corn Improves to 76% Good-Excellent, Soy 72%

July 15th, 2014

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Category: Grains, Oilseeds

(Farm Futures) – U.S. corn improved slightly to 76% good to excellent from last week’s 75%, with the excellent rating up 1 point to 22%, while the fair rating lost one, USDA said in its weekly crop condition report.

Soybeans remained at 72% good to excellent, with excellent gaining 1 point to 16%, while good slipped 1 to 56%.

Rain slowed in much of the Midwest, particularly in Iowa where dry days were needed. The top corn and soybean producer reported 4.2 days suitable for fieldwork, up from 2.6 the previous week and the first time since mid-June that number was above three. That state’s corn was unchanged at 76% good to excellent and soybeans were unchanged at 73%.

While Chicago corn and soybean futures posted some rare gains on Monday, they had largely trended lower through the first half of summer as the majority of both crops are doing well and forecasts through mid-July indicate favorable temperatures for corn pollination.

USDA weekly crop progress data showed corn silking advanced to 34% and above the 33% average. Iowa was at 26%, Illinois at 62%, and Nebraska at 33%. All of those were ahead of the averages.

For soybeans, blooming was 41% done and ahead of the 37% average. In Iowa, 45% were blooming versus the 44% average and Illinois was at 50% versus the 36% average.

Winter wheat harvest at 69% Winter wheat harvest advanced to 69% from the previous week’s 57% and was ahead of the 68% average. Harvest was 90% done in Kansas, the largest wheat state and mostly hard red winter, versus the 96% average. Texas was at 99%, versus the 97% average, and Oklahoma was at 97%, versus the 98% average.

The soft red winter harvest advanced with Illinois at 90% versus the 91% average, Indiana at 76% versus 86% average, and Arkansas at 99% versus 100%. Winter wheat ratings have been discontinued.

Spring wheat was 69% headed, just ahead of the 68% average. North Dakota, the top producer, was 61% headed to match the average. The overall crop was unchanged at 70% good to excellent, with the excellent up 1 point to 13% and good down 1 to 57%. North Dakota’s crop was down 1 point to 82% good to excellent.

Cotton squaring at 70%, rated 53% good to excellent Cotton squaring was at 70% and bolls were set on 24%, versus the 74% and 25% averages. The crop was rated 53% good to excellent, down 2 points from a week ago.

Oats were 29% harvested, compared with the 16% average, and were unchanged at 64% good to excellent, with excellent gaining 1 point and good losing one. Sorghum coloring was at 21% and heading at 30% versus the 22% and 29% averages. It was 62% good to excellent. Rice was 24% headed, versus the 22% average and was unchanged at 70% good to excellent.

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