Corn Soybean Ratings Down Again
Monday afternoon's USDA update showed U.S. corn and soybean conditions continued to decline last week, despite favorable rains in large parts of the Midwest. The news was a surprise for the grain market, which had anticipated improved conditions.
USDA rated the U.S. corn crop only 54% good/excellent as of Sunday, down 3 points from a week earlier. The soybean crop was rated 52% good/excellent, down 2 points.
The portion of the corn crop rated poor/very poor rose to 15% from 14%, while the amount of soybeans rated poor/very poor held steady at 15%.
USDA ratings showed a sharp decline in corn conditions in Illinois and Indiana. The portion of the Illinois crop rated goo/excellent dropped by 10 points to 53%. Indiana's good/excellent rating was down 7 points to 66%.
Illinois soybean conditions also declined sharply. The good/excellent rating for Illinois soybeans was down 10 points to 48%. Meanwhile, the good/excellent rating for Minnesota soybeans fell 8 points. That state's crop is now rated only 44%.
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.