(Agriculture.com) – On Monday, the USDA continued releasing strong ratings for this year’s Midwestern corn and soybean crops.
Al Kluis, Kluis Commodities, says that the report results will start the overnight markets lower Monday.
“These reports are a little negative for prices today. The crops are in good condition and ahead of normal maturity,” Kluis says.
CORN
In its weekly Crop Progress Report, the governmental agency rated the U.S. corn crop as 76% good/excellent, equal to a week ago, but considerably higher than the 70% rating from a year ago.
Also, 79% of the corn is in the silk stage, sharply higher than a 70% five-year average and a 71% rating a week ago.
And 13% of the corn crop has moved into the dough production stage.
SOYBEANS
In all growth stages, blooming, pod-setting and good/excellent ratings, this year’s U.S. crop is way ahead of five-year averages.
For instance, 76% of the soybeans are blooming vs. a 66% five-year average. Also, 35% of the soybeans are setting pods, compared with a 26% five-year average.
In its report, the USDA pegged the soybean crop as 71% good/excellent, compared with a 62% year-ago average.
WHEAT
As of Sunday, 83% of the U.S. winter wheat has been harvested, above the 79% five-year average.
