US corn ratings rise, soy and wheat ratings decline
Updates with release of USDA data
By Renee Hickman
CHICAGO, July 29 (Reuters) -The U.S. Department of Agriculture rated 67% of the nation's soybean crop in good to excellent condition on Monday, down 1 percentage point from a week ago and in line with trade expectations.
The U.S. corn crop was rated 68% good to excellent, up a percentage point from a week ago and above expectations in a Reuters poll of 13 analysts.
Soy and corn futures prices have been pushed near four-year lows on expectations of a strong U.S.harvest and a positive weather outlook inrecent weeks. The U.S. is the world's top corn exporter and No. 2 soy exporter.
The agency said the U.S. winter wheat harvest made gains from last week at 82%, up from 76% a week ago, but was below analysts' average expectations of 83%.
For spring wheat, grown in the northern Plains, the USDA reported a decline in condition to 74% good to excellent, down from 77% a week ago, and below analyst expectations of75% good to excellent.
One percent of the spring wheat crop is harvested, USDA said.
All figures in percent:
Category | Analyst average | Analyst range | USDA last week | USDA this week |
Corn condition ratings* | 66 | 64-68 | 67 | 68 |
Soy condition ratings* | 67 | 65-70 | 68 | 67 |
Spring wheat condition ratings* | 75 | 74-78 | 77 | 74 |
Winter wheat harvested (%) | 83 | 81-85 | 76 | 82 |
*% good/excellent |
Reporting by Renee Hickman; Editing by Stephen Coates
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