USDA Crop Condition Report Highlights

After the close Monday the USDA released it's latest US crop condition/progress report as of Sun 27th July.

Corn good/excellent was set at 66%, up one point on last week and in line with expectations of unch/+2%. This is 8 points higher than 2007. Progress of course lags with 59% silking compared with 81% on the 5 year avg and 7% at the dough stage vs 19% on the 5 year avg.

Soybean conditions good/excellent are also up one point from last week to 62%, again in line with expectations. Interestingly crop progress is lagging but perhaps not as much behind as corn. 62% of the crop is blooming vs a 5 year avg of 79% and 21% of the crop is setting pods vs a 5 year avg of 38%.

Spring wheat good/excellent is down 3 points from last week to 60%.

The winter wheat harvest is seen at 79% complete, slightly behind the 5 year avg of 86% done.