USDA Crop Progress Report Highlights
In Monday night's USDA crop condition report corn rated good/excellent rose two percentage points to 64% G/E. This was in line with analyst's expectations for an increase of 1-3 points. Corn percent silking was seen at 13%, well below the five year average of 36%.
Soybeans good/excellent was unchanged from last week at 59%. Analysts had been expecting an increase of 1-3 points. Soybeans blooming was seen at 26%, well below the five year average of 45%, but in line with trade ideas of 25%.
Winter wheat was seen at 62% harvested, slightly lower than the five year average of 70%. This is in line with trade expectations.
Perhaps the biggest surprise was in spring wheat with the good/excellent category pegged at 61%, eight points lower than last week. Traders had been expecting conditions to remain unchanged to two points lower.
Soybeans good/excellent was unchanged from last week at 59%. Analysts had been expecting an increase of 1-3 points. Soybeans blooming was seen at 26%, well below the five year average of 45%, but in line with trade ideas of 25%.
Winter wheat was seen at 62% harvested, slightly lower than the five year average of 70%. This is in line with trade expectations.
Perhaps the biggest surprise was in spring wheat with the good/excellent category pegged at 61%, eight points lower than last week. Traders had been expecting conditions to remain unchanged to two points lower.
