Corn and Soybean Ratings Hold Steady

Posted on 08/12/2019 5:04 PM

 USDA made no change to its corn condition ratings today, leaving 57% of the crop in the “good” to “excellent” categories, which is 13 percentage points under year-ago. Traders had expected a one-point decline.

USDA reports that as of Sunday 90% of the corn crop was silking, 39% was in dough, and 7% of the crop was dented, which compares to an average progress pace of 97%, 61% and 16%, respectively. The state-by-state breakdown reminds that delays are widespread and severe.

USDA details that 42% of Illinois’ crop is in dough (76% on average), along with 28% of Indiana (60%), 41% of Iowa (63%), 30% of Minnesota (57%), 41% of Nebraska (62%), 25% of Ohio (51%) and 25% of South Dakota (51%).

 

This week

Last week

Year-ago

Very poor

3

3

3

Poor

10

10

7

Fair

30

30

20

Good

47

47

50

Excellent

10

10

20

 

Soybean condition rating also unchanged

USDA again rated 54% of the U.S. soybean crop in “good” to “excellent” condition, though one point did shift from “excellent” to “good.” Traders had expected a one-point drop in the amount of crop rated in the top two categories. The amount of top-rated crop is steady with USDA’s first condition rating of the season, but the steady rating masks major development concerns with this year’s crop.

As of Sunday, USDA reports 18% of the U.S. soybean crop had yet to bloom as of Aug. 11, versus the usual 7% remaining. And just over half the crop (54%) is setting pods versus the usual 76%. In Illinois, 49% of the crop is setting pods versus the usual 79%, Indiana is at 34% (78% on average), with Iowa at 56% (81%), Minnesota at 74% (84%), North Dakota at 62% (82%), Missouri at 38% (52%) and Nebraska at 66% (76%).

 

This week

Last week

Year-ago

Very poor

3

3

3

Poor

10

10

7

Fair

33

33

24

Good

46

45

50

Excellent

8

9

16

 

Spring wheat rating drops with harvest picking up

USDA dropped the amount of spring wheat rated “good” to “excellent” four percentage points this week to 69%, signaling dry weather is taking a toll. The crop is now rated six percentage points under last year for this point in the season.

Harvest of the crop is also getting underway. As of Sunday, 8% of the crop had been cut, a six-point advance from the week prior and well behind 30% harvested at this point for the 2014 to 2018 average.

 

This week

Last week

Year-ago

Very poor

1

0

1

Poor

7

5

4

Fair

23

22

20

Good

57

63

62

Excellent

12

10

13

 

Cotton ratings gain back some of last week’s drop

Last week, the amount of top-rated cotton plunged seven percentage points. This week, ratings took back some of that drop, with USDA now putting 56% of the crop in the top two categories, a two point gain from the week prior. That’s still well ahead of last year when 40% of the crop fell in the “good” to “excellent categories.

The crop remains in good standing when it comes to development. Seventy-seven percent of the crop is setting bolls, a point ahead of the five-year average and an 18-point advance from the week prior. Twenty percent of the crop is opening bolls, double the five-year average. Texas has 31% of the crop with open bolls, well ahead of 13% for the five-year average.

 

This week

Last week

Year-ago

Very poor

1

1

14

Poor

9

12

20

Fair

34

33

26

Good

47

44

32

Excellent

9

10

8

 

Winter wheat harvest advancing slowly

Winter wheat harvest advanced just seven percentage points over the past week to 89% complete, which was a point slower than expected and seven points behind the norm. Progress has been slow-going on the Northern Plains, Pacific Northwest and eastern Midwest.

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