Weekly USDA soy ratings dip more than expected, corn steady

Reuters

Weekly USDA soy ratings dip more than expected, corn steady

2024 9월 3, 오후 10:03 GMT

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Recasts with release of USDA data

By Julie Ingwersen

CHICAGO, Sept 3 (Reuters) -Weekly condition ratings for the U.S. soybean crop declined more than most analysts expected in the last week as dry conditions expanded in portions of the Midwest crop belt, but corn ratings held steady, government data showed on Tuesday.

The U.S. Department of Agriculture in a weekly crop progress report rated 65% of the soybean crop as good to excellent, down 2 percentage points from a week ago, while 10 analysts surveyed by Reuters on average had expected a 1-point decline.

The USDA also rated 65% of the corn crop as good to excellent, unchanged from last week. Analysts on average had expected a 1-point decline in corn.

The drop in soybean ratings could jeopardize the USDA's current forecast for a record-high U.S. soybean yield. However, the latest ratings still represent the highest for this time of year for soybeans since 2020, and the highest for corn since 2018.

Abnormal dryness expanded in Iowa, Minnesota, and Illinois in the week to Aug. 27 and about 16% of Ohio was in "extreme drought," according to the weekly U.S. Drought Monitor report, prepared by a consortium of climatologists.

The United States is the world's largest corn exporter and the No. 2 soybean supplier after Brazil.

Some 19% of the corn crop was mature as of Sunday, the USDA said, ahead of the five-year average of 13%. The government expects to release its first U.S. 2024 corn harvest progress estimate in next week's report.

The USDA said 13% of the soybean crop was dropping leaves, a sign of maturity, above the five-year average of 10%. US/COR US/SOY

For spring wheat, the USDA said the harvest was 70% complete as of Sunday, ahead of the average trade estimate of 69% and matching the five-year average.

Farmers have begun seeding the U.S. winter wheat crop that will be harvested in 2025. The USDA reported planting progress as 2% complete, in line with the average analyst estimate and the five-year average, also 2%. US/WHE

All figures in percent:

Category	Analyst average	Analyst range	USDA last week	USDA this week
Corn condition ratings*	64	63-65	65	65
Soybean condition ratings*	66	65-67	67	65
Spring wheat harvested (%)	69	66-74	51	70
Winter wheat planted (%)	2	1-5	NA	2
*% good/excellent