USDA Crop Progress Report
Corn
The USDA pegged the crop at 8% poor to very poor, 1% worse than last week and 71% good to excellent, also 1% lower than last week. That's a bit of a surprise although 71% G/E is better than the 65% we would normally have at this time of year. The later than usual crop is only 8% silking compared to the five year average of 16%.
Soybeans
Soybeans also posted a surprising decline in condition, also only 14% of the crop was blooming compared to the five year average of 24%, highlighting the lateness of this year's crop. Soybean conditions deteriorated from last week by 2% in the poor to very poor category and also dropped 2% from last weeks good to excellent rating.
Winter Wheat
Winter wheat is 90% harvested in Texas, 83% harvested in Kansas and 98% harvested in Oklahoma. The national total is at 56% harvested compared to 59% on the five year average.
Spring Wheat
The spring wheat crop condition deteriorated by 4% in the good to excellent category to 72% from 76% last week. And the poor to very poor increased to 8% from 6% last week. That's a pretty big deterioration in crop conditions in what the market thought was a pretty good week.
There's something bullish for corn, beans and wheat in tonight's report which may add a bit of support in the overnight session after some pretty steep losses today.
The USDA pegged the crop at 8% poor to very poor, 1% worse than last week and 71% good to excellent, also 1% lower than last week. That's a bit of a surprise although 71% G/E is better than the 65% we would normally have at this time of year. The later than usual crop is only 8% silking compared to the five year average of 16%.
Soybeans
Soybeans also posted a surprising decline in condition, also only 14% of the crop was blooming compared to the five year average of 24%, highlighting the lateness of this year's crop. Soybean conditions deteriorated from last week by 2% in the poor to very poor category and also dropped 2% from last weeks good to excellent rating.
Winter Wheat
Winter wheat is 90% harvested in Texas, 83% harvested in Kansas and 98% harvested in Oklahoma. The national total is at 56% harvested compared to 59% on the five year average.
Spring Wheat
The spring wheat crop condition deteriorated by 4% in the good to excellent category to 72% from 76% last week. And the poor to very poor increased to 8% from 6% last week. That's a pretty big deterioration in crop conditions in what the market thought was a pretty good week.
There's something bullish for corn, beans and wheat in tonight's report which may add a bit of support in the overnight session after some pretty steep losses today.
