Crop rating for corn slips as harvest begins
USDA rated 58% of the crop in “good” or “excellent” condition, whereas traders expected ratings to be steady. The amount of crop rated “poor” to “very poor” rose a percentage point to 15%. But with harvest getting started (see next paragraph), the market will focus less so on condition updates and more so on crop progress.
As of Sunday, USDA reports 87% of the crop is dented (81% on average over the past five years) and 37% of the crop is mature (vs. 31% for the five-year average). Four percent of the U.S. corn crop had been harvested as of Sunday, which compares to 5% harvested at this point last year and for the five-year average.
|
|
This week |
Last week |
Year-ago |
|
Very poor |
5 |
4 |
5 |
|
Poor |
10 |
10 |
10 |
|
Fair |
27 |
27 |
25 |
|
Good |
44 |
45 |
46 |
|
Excellent |
14 |
14 |
14 |
Steady soybean rating as growing season winds down
Fifty-seven percent of the U.S. soybean crop is still rated G/E, thought the excellent rating edged a point higher to 12%. Last year at this time, 63% of the crop fell in the top two categories.
Today’s update shows 38% of the crop was dropping leaves as of Sunday, which is nine points ahead of the five-year average and a 20-point jump from the week prior. USDA will issue its first harvest progress update of the season next week.
|
|
This week |
Last week |
Year-ago |
|
Very poor |
4 |
4 |
3 |
|
Poor |
10 |
10 |
8 |
|
Fair |
29 |
29 |
26 |
|
Good |
45 |
46 |
50 |
|
Excellent |
12 |
11 |
13 |
Cotton ratings improve as harvest begins
Cotton condition ratings improved after a big drop the previous week for Texas caught the market off guard. USDA now rates 64% of the crop G/E, a three-point gain from last week.
Today’s report shows 96% of the U.S. cotton crop is setting bolls vs. 99% for the five-year average. As of Sunday, 36% of the crop had bolls opening vs. 43% on average. That includes 38% of the crop in 33% of the Texas crop, 38% of Louisiana’s and 43% of Georgia’s as Tropical Storm Nicholas approaches. Damage is expected to be limited. Cotton harvest is also getting started, with 5% of the crop out as of Sunday, three points behind the five-year average. In top-producing Texas, 11% of the crop has been harvested.
|
|
This week |
Last week |
Year-ago |
|
Very poor |
1 |
1 |
7 |
|
Poor |
5 |
6 |
20 |
|
Fair |
30 |
32 |
28 |
|
Good |
50 |
50 |
36 |
|
Excellent |
14 |
11 |
9 |
Winter wheat planting off to a quick start
USDA reports 12% of the winter wheat crop had been seeded as of Sunday, a seven-point gain for the week and four points ahead of the five-year average for mid-September. Top-producing Kansas has planted 4% of its intended acres, which is in line with the norm.
