USDA soy condition ratings improve in week; corn ratings decline
Recasts with release of USDA data
By Julie Ingwersen
CHICAGO, Aug 5 (Reuters) -Weekly condition ratings for the U.S. corn crop fell in the past week, in line with analysts' estimates, but soybean ratings improved, U.S. government data showed on Monday.
The U.S. Department of Agriculture (USDA) rated 68% of the soybean crop in good to excellent condition in its weekly crop progress report, up from 67% last week, while 14 analysts surveyed by Reuters on average had expected a drop of 1 percentage point.
Most of the Midwest soybean crop sets pods during August, making this month critical for determining yields.
The government rated 67% of the corn crop as good to excellent, down from 68% a week ago and in line with the average analyst estimate.
The ratings for both crops are stillthe highest for this time of year since 2020, underscoring expectations for large U.S. harvests that have pushed Chicago Board of Trade corn Cv1 and soybean futures Sv1 to their lowest levels in nearly four years.
The share of U.S. corn production located in a drought area rose to 5% by July 30, from 4% the prior week. A year earlier, some 57% of the crop was located in an area experiencing drought, according to the USDA.
The U.S. is the world's top corn exporter and the No. 2 soybean supplier after Brazil.
Condition ratings held steady for U.S. spring wheat with 74% of the crop in good to excellent condition, while analysts on average had expected a 1-point decline. The spring wheat harvest was 6% complete, behind the average analyst estimate of 8% and the five-year average of 10%.
The U.S. winter wheat harvest was 88% complete, lagging the average analyst estimate of 89% but ahead of the five-year average of 86%.
All figures in percent:
Category | Analyst average | Analyst range | USDA last week | USDA this week |
Corn condition ratings* | 67 | 65-69 | 68 | 67 |
Soybean condition ratings* | 66 | 65-67 | 67 | 68 |
Spring wheat condition ratings* | 73 | 71-76 | 74 | 74 |
Spring wheat harvested (%) | 8 | 5-11 | 1 | 6 |
Winter wheat harvested (%) | 89 | 87-94 | 82 | 88 |
*% good/excellent |
Reporting by Julie Ingwersen; Editing by Aurora Ellis and David Gregorio
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