Corn, Soy Ratings Down Again

U.S. corn and soybean ratings fell further last week as conditions in the key producing state of Illinois continued to deteriorate due to dry conditions.

Conditions also declined in other eastern Corn Belt states, however, improved conditions in the western and northern Midwest limited slippage in the overall U.S. ratings.

The USDA rated the U.S. corn crop 62% good/excellent as of Sunday, down from 65% a week earlier. That was in line with trade expectations for a 2-4 point drop.

The USDA rated the U.S. soybean crop 58% good/excellent as of Sunday, versus 59% a week earlier. That rating was a bit better than expected as the trade as also looking for a 2-4 point drop in soybean conditions.

The good/excellent rating for the Illinois corn crop fell to only 25%, while the poor/very poor rating rose to 37%. The Illinois soybean crop rating also fell to 25% good/excellent, while 27% of that crop was rated poor/very poor.

Although some areas of Illinois received rain, the quantities were variable and not enough to replenish soil moisture, according to the Illinois Agricultural Statistics Service. Most areas were reported still in desperate need of rain to unroll corn leaves and get soybeans blooming.

Illinois average topsoil moisture was rated 91% short/very short.

Where Illinois crops continued to struggle, most fields in neighboring Iowa apparently thrived last week under warm, wet conditions.

The Iowa corn crop was rated 78% good/excellent as of Sunday, up from 67% a week earlier. The Iowa soybean crop was rated 77% good/excellent, up from 74%.

Editors note: Richard Brock, The Corn and 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.