USDA planting progress & crop condition report
After the close Monday the USDA said that the corn crop condition was down three points to 57% in the good/excellent category. The crop was 95% emerged, up from 89% a week ago, but below the five year avg of 98%. The numbers are probably a bit better than anticipated with many traders estimating a fall of five or six points in the good/excellent category.
The second crop condition report of the season for soybeans pegged 56% of the crop in good/excellent condition, one point lower than last week. Planting prgress is put at 84%, up from last week's 77% but well below the five year avg of 94% done. Beans are 71% emerged vs 86% on the five year avg. The condition number is considerably better than anticipated as traders were expecting soybeans rated good/excellent to decline by 3-6 points. Trader ideas were that planting progress would come in around the 90% mark.
Winter wheat good/excellent is unchanged at 47%. The harvest is seen at 16% done vs the five year avg of 19% complete. Significantly (for the second week running) spring wheat rated good/excellent jumped sharply, up four points to 67%, thats up ten points in a fortnight. Again, the crop condition ratings are a little better than anticipated with most traders expecting a fall in winter wheat rated good/excellent.
The second crop condition report of the season for soybeans pegged 56% of the crop in good/excellent condition, one point lower than last week. Planting prgress is put at 84%, up from last week's 77% but well below the five year avg of 94% done. Beans are 71% emerged vs 86% on the five year avg. The condition number is considerably better than anticipated as traders were expecting soybeans rated good/excellent to decline by 3-6 points. Trader ideas were that planting progress would come in around the 90% mark.
Winter wheat good/excellent is unchanged at 47%. The harvest is seen at 16% done vs the five year avg of 19% complete. Significantly (for the second week running) spring wheat rated good/excellent jumped sharply, up four points to 67%, thats up ten points in a fortnight. Again, the crop condition ratings are a little better than anticipated with most traders expecting a fall in winter wheat rated good/excellent.