May 29, 2024

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U.S. Corn Ratings Fall to 64% Good/Excellent, USDA Says, Soybeans 63% - Money Times

U.S. Corn Ratings Fall to 64% Good/Excellent, USDA Says, Soybeans 63% – Money Times

In a report released on Tuesday, the USDA estimated 63% of the soybean crop was good, up from 65% the previous week (Image: REUTERS/Jorge Adorno)

oh US Department of Agriculture (USDA) 64% of crops are classified Corn from America Its weekly crop progress report was fair to better, three percentage points lower than a week ago and below the average estimate seen in a Reuters poll.

Twelve researchers conducted the consultation ReutersOn average, corn grades are expected to drop 65% from good to excellent.

In a report released this Tuesday, the USDA classified 63% soy A 65% drop from the previous week.

Analysts, on average, had expected a smaller drop of 1 percentage point.

Dry conditions in the American Midwest appeared to be a factor. The latest weekly US Drought Monitor report showed 58% abnormal drought in Illinois and 47% in Iowa, the two largest producers of soybeans and corn. But on Monday, some areas of the corn belt received fruitful rains.

“We got some help yesterday in a lot of areas,” said Don Roos, president of Iowa-based American Products.

Most of the U.S. corn crop completes its main pollination phase in July, while August is the most important month for soybean growth.

Stressful weather during these periods can reduce crop prospects. The United States is the world’s largest supplier of corn and the world’s second largest exporter of soybeans. Brazil.

Condition estimates for U.S. spring wheat grown in the Northern Plains have improved. The USDA rated 66% of crops as good and excellent, up from 59% the previous week. Analysts, on average, expect no change.

The U.S. winter wheat harvest rose 54% on July 3, above the 5-year average of 48%, but behind analysts’ average estimate of 57%.

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USDA estimates the winter wheat crop is 31% good, up from 30% a week ago.

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