US corn ratings seen declining to 68% good/excellent, soy 66%
By Julie Ingwersen
CHICAGO, July 1 (Reuters) -The U.S. Department of Agriculture (USDA) is expected to rate 68% of the nation's corn crop in good-to-excellent condition in its weekly crop progress report, down 1 percentage point from a week ago following heavy storms that swamped portions of the western Midwest, a Reuters poll of 13 analysts showed on Monday.
For soybeans, analysts predicted the USDA would rate 66% of the oilseed crop as good to excellent, also down 1 percentage point. Nonetheless, the ratings for both crops would still be the highest for this time of year since 2020.
The United States is the world's top exporter of corn, used primarily for animal feed and ethanol fuel, and the No. 2 global soybean exporter, after Brazil.
State condition ratings for both crops will be important in this week's report, one analyst noted, after storms from June 20-22 dumped 5 to 10 inches (125 to 250 millimeters) of rain across a stretch of southeast South Dakota, northwest Iowa and southwest Minnesota, flooding some areas.
Meanwhile, the U.S. winter wheat is advancing. Analysts on average expected the USDA to show the harvest as 54% complete, up from 40% last week. Analysts forecast, on average, that the USDA would rate 52% of the winter wheat crop in good-to- excellent condition, unchanged from last week.
For spring wheat, grown in the northern Plains, analysts on average expect a rating of 70% good to excellent, down from 71% last week. Estimates ranged from 68% to 72% good to excellent.
The USDA was 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* | 68 | 64-70 | 69 |
Soy condition ratings* | 66 | 63-68 | 67 |
Spring wheat condition ratings* | 70 | 68-72 | 71 |
Winter wheat condition ratings* | 52 | 49-53 | 52 |
Winter wheat harvested (%) | 54 | 50-58 | 40 |
*% good/excellent |
Reporting by Julie Ingwersen; editing by David Evans
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