Corn, Soybean Ratings Down

Monday afternoon's weekly USDA crop update indicated a moderate decline in U.S. corn and soybean conditions due to the hot, dry weather that blanketed much of the Midwest last week.

USDA rated U.S. corn conditions 56% good/excellent, as of Sunday, down from 60% a week earlier and 69% a year earlier. The portion of the crop rated poor/very poor rose 2 percentage points to 12%.

USDA also rated U.S. soybean conditions 56% good/excellent, which was down 6 points from a week earlier and 4 points from a year earlier. The portion of the soybean crop rated poor/very poor rose 3 points to 11%.

The biggest drop in corn conditions came in Iowa, where the portion of the crop rated good/excellent fell 13 points. Even with that drop, 66% of the Iowa crop is still rated good/excellent. But conditions could deteriorate a lot more if the state goes through this week without significant rain.

The biggest drop in soybean conditions came in Nebraska, where the portion of the crop rated good/excellent fell 22 points, while the portion rated poor/very poor rose 11 points to 21%.

Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.

To see more market perspectives, visit Brock's Web site at www.brockreport.com.