US corn ratings tick lower after Midwest floods, soy steady
Recasts with release of USDA data
By Julie Ingwersen
CHICAGO, July 1 (Reuters) - The condition of the U.S. corn crop deteriorated in the latest week while national soybean ratings held steady after floods swamped portions of the northwestern Midwest, U.S. government data released on Monday showed.
The ratings for both corn and soybeans remained the highest for this time of year since 2020, and corn and soy futuresfell sharply in June on oversupply concerns.
The U.S. Department of Agriculture (USDA) rated 67% of the corn crop as good to excellent in its weekly crop progress report, down 2 percentage points from a week ago; analysts surveyed by Reuters on average had expected a 1-point decline.
The U.S. 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. The USDA last week raised its estimate of U.S. corn planted acreage and trimmed its U.S. soybean plantings estimate.
For soybeans, the USDA rated 67% of the crop as good to excellent, unchanged from last week, while analysts on average had expected a 1-point decline.
Ratings for both corn and soybeans declined in Iowa and Minnesota but improved in South Dakota. Portions of those states were flooded after storms onJune 20-22 dumped 5 to 10 inches (125 to 250 millimeters) of rain in the area where the three states meet.
In the eastern Midwest, corn and soy ratings improved in Illinois, Indiana and Ohio.
Condition ratings improved for spring wheat, grown in the northern Plains. The USDA rated 72% of the U.S. spring wheat crop as good to excellent, up from 71% last week, while analysts on average had expected a 1-point decline
Meanwhile, the harvest of the U.S. winter wheat crop continued to progress ahead of the average pace. The USDA said the winter wheat harvest was 54% complete, up from 40% a week ago and ahead of the five-year average of 39%.
All figures in percent:
Category | Analyst average | Analyst range | USDA last week | USDA this week |
Corn condition ratings* | 68 | 64-70 | 69 | 67 |
Soy condition ratings* | 66 | 63-68 | 67 | 67 |
Spring wheat condition ratings* | 70 | 68-72 | 71 | 72 |
Winter wheat condition ratings* | 52 | 49-53 | 52 | 51 |
Winter wheat harvested (%) | 54 | 50-58 | 40 | 54 |
*% good/excellent |
Reporting by Julie Ingwersen; editing by David Evans and David Gregorio
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