As expected, USDA’s latest crop progress report, out Monday morning and covering the week through August 27, showed lower corn and soybean quality ratings after bountiful hot, dry weather descended on the Midwest last week. However, analysts were generally expecting to see more severe cuts that what USDA ultimately showed today. Spring wheat quality ratings also eased lower last week, with harvest finally crossing the halfway mark. The 2022/23 winter wheat harvest is effectively over.
Corn quality ratings tracked two points lower last week, with 56% of the crop now in good-to-excellent condition. Analysts were expecting to see a three-point decline. Another 27% of the crop is rated fair (unchanged from last week), with the remaining 17% rated poor or very poor (up two points from last week). Ohio (79%) and Pennsylvania (79%) are leading the way among the top 18 productions states so far.
Physiologically, 88% of the crop has reached the dough stage, versus the prior five-year average of 86%. Just over half (51%) of the crop is dented, versus the prior five-year average of 49%. And 9% is now fully mature, versus the prior five-year average of 8%.
Soybean quality ratings eased a point lower last week, with 58% of the crop now in good-to-excellent conditions. Analysts were expecting to see a three-point decline. Another 28% of the crop is rated fair (unchanged from last week), with the remaining 15% rated poor or very poor (up one point from last week). Tennessee (77%) and Ohio (76%) have the best rated crops among the top 18 production states.
Physiologically, 91% of the crop is now setting pods, which is slightly faster than the prior five-year average of 90%. And 5% of the crop is dropping leaves, which is slightly slower than the prior five-year average of 6%.
Spring wheat quality shifted one point lower last week, mirroring analyst expectations. That leaves just 37% of the crop in good-to-excellent condition. Another 39% of the crop is rated fair (unchanged from last week), with the remaining 24% rated poor or very poor (up one point from last week).
The spring wheat harvest moved from 39% a week ago up to 54% through Sunday, mirroring trade expectations. That puts this year’s pace ahead of 2022’s mark of 48% but still behind the prior five-year average of 63%.
Click here for more from the latest UDSA crop progress report, including a state-by-state look at pasture and rangeland conditions.
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