US corn, soy ratings expected to remain steady
By Heather Schlitz
CHICAGO, Aug 19 (Reuters) -The U.S. Department of Agriculture is expected to rate 67% of the nation's corn crop and 68% of U.S. soybean crops in good-to-excellent condition in its weekly crop progress report, the same as the previous week, a Reuters poll of 10 analysts showed on Monday.
If realized, the condition ratings for both crops would be the highest for this time of year since 2020.
Forecasts for a bumper U.S. corn and soy crop and weak demand for U.S. commodities have pushed corn and soy prices near four-year lows. Meanwhile, traders are waiting to see whether a major field tour this week will support expectations of excellent U.S. yields.
Good growingweather in the U.S. Midwest has also pressured corn and soy prices while poor weather in wheat-growing regions of Europe has not been enough to support wheat prices.
Analysts saw the nation's spring wheat rating at 71% good to excellent, down a point from the previous week. They expected data to show the spring wheat harvest is speeding along at 31% complete, up from 18% last week.
The U.S. winter wheat harvest is expected to be nearly finished this week, analysts said, at 97% complete, up from 93% a week prior.
The USDA is scheduled to publish its report at 3 p.m. CDT (2000 GMT).
All figures in percent:
Category | Analyst average | Analyst range | USDA last week |
Corn condition ratings* | 67 | 65-68 | 67 |
Soy condition ratings* | 68 | 66-69 | 68 |
Spring wheat condition ratings* | 71 | 69-74 | 72 |
Spring wheat harvested (%) | 31 | 25-35 | 18 |
Winter wheat harvested (%) | 97 | 95-98 | 93 |
*% good/excellent |
Reporting by Heather Schlitz; editing by Jonathan Oatis
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