The latest batch of crop progress data from USDA, out Monday afternoon and covering the week through August 1, provided a mixed bag of numbers for traders to digest. Analysts expected the agency to dock corn and soybean quality a point each this past week. However, USDA raised its quality ratings two points higher for soybeans while docking the corn crop by two points. Spring wheat quality ratings also firmed a point, bucking expectations that they would continue to decline.
Corn quality moved two points lower, with 62% of the crop rated in good-to-excellent condition through Sunday. Another 27% is rated fair (up a point from last week), with the remining 11% rated poor or very poor (also up a point from last week). Pennsylvania continues to lead the way with 87% rated in good-to-excellent condition – best among the top 18 production states so far.
Physiologically, 91% of the crop is now silking – up from 79% a week ago and favorable to the prior five-year average of 86%. And 38% is now at the dough stage, up from 18% a week ago and also ahead of the prior five-year average of 33%.
Analysts expected to see a one-point drop in soybean crop quality, but USDA handed out two-point gains instead, moving to 60% rated in good-to-excellent condition. Another 28% of the crop is rated fair (down two points from last week), with the remaining 12% rated poor or very poor (unchanged from a week ago). Kentucky and Louisiana have the highest-rated quality among the top 18 production states, each with 83% rated good-to-excellent.
Physiologically, 86% of this year’s soybean crop is now blooming, up from 76% a week ago and ahead of the prior five-year average of 82%. More than half (58%) is now setting pods, versus 42% a week ago and the prior five-year average of 52%.
Spring wheat quality ratings actually improved a point this past week, but only 10% is rated in good-to-excellent condition. Compare that to year-over-year results of 73%. Another 26% of the crop is rated fair (up a point from last week), with the remaining 64% rated poor or very poor (down two points from a week ago). Harvest is now 17% complete, up from 3% a week ago and firmly ahead of the prior five-year average of 8%.
The winter wheat harvest is moving even closer to completion, with 91% progress through Sunday. That’s up from 84% last week and favorable to the prior five-year average of 86%. Eight of the top 18 production states are now 100% complete, according to USDA. Idaho has the furthest to go, at 47%.
Click here to read the latest USDA crop progress report for additional information on cotton, rice, peanuts, sorghum, sunflowers and more.
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