Corn, Soybean Ratings Drop

Monday afternoon's USDA crop update showed both corn and soybean conditions declined slightly more last week than was expected by the trade. The good/excellent ratings declined 4 points from a week earlier for both corn and soybeans.

The U.S. corn crop is now rated 65% good/excellent, while the soybean crop is rated 57% good/excellent. The poor/very poor rating for corn rose 2 points to 9%, while the poor/very poor category for soybeans rose 1 point to 11%.

Crop condition deteriorated most in western and northern parts of the Midwest. The poor/very poor rating for Minnesota corn rose 9 points to 18%. The Wisconsin corn crop is also now rated 18% poor/very poor, while 15% of the Iowa crop falls in that category.

Soybean conditions are now rated 18% poor/very poor in both Iowa and Minnesota. Only 41% of the Minnesota soybean crop is rated good/excellent, while 49% of the Iowa crop is put in that category.

A good part of the corn crop is now into the key reproduction stage. USDA reported that 31% of the U.S. corn crop was silking as of Sunday, up from the five-year average of 28%.

USDA reported that 41% of U.S. soybeans are blooming, while 9% the crop is etting pods, versus a five-year average of 8%.

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.