Crop rating for corn slips as harvest begins

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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.

 

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