August 23, 2021
For the second straight week, USDA noted lower crop quality for both corn and soybeans. Corn faced a two-point spill for the week ending Aug. 22, with soybeans fading another point lower. Maturity for both crops is very close to the prior five-year average, meantime, while the spring wheat harvest is progressing more quickly than it has in recent years.
Corn quality dropped another two points last week, with 60% of the crop now rated in good-to-excellent condition. Analysts only expected to see a one-point drop. For the rest of the crop, 26% is rated fair (up a point from last week), with the remaining 14% rated poor or very poor (also up a point from last week).
Physiologically, 85% of this year’s corn crop has made it to the dough stage, up from 73% a week ago and faster than the prior five-year average of 81%. Forty-one percent of the crop is now dented, up from 22% last week and also faster than the prior five-year average of 38%. And 4% is fully mature, which mirrors the prior five-year average.
Soybean conditions eased a point lower, matching analyst expectations of seeing 56% of the crop rated in good-to-excellent condition. Another 28% is rated fair (unchanged from last week), with the remaining 16% rated poor or very poor (up a point from last week).
USDA is currently monitoring three maturity phases for soybeans:
97% of the crop is blooming
88% of the crop is setting pods
3% of the crop is dropping leaves
All three categories are identical or slightly ahead of the prior five-year average.
This season’s embattled spring wheat crop is racing to a finish, with 77% of harvest completed through Sunday. That’s up from 58% a week ago and well ahead of the prior five-year average of 55%. It also outpaced analyst expectations, with the average trade guess coming in at 74%.
Read the latest USDA crop progress report for additional information on cotton, rice, sorghum, oats, barley and more.
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