ao link

News

Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

USDA crop progress reports show US corn, soybean development well behind normal

TwitterLinkedineCard

The weekly US Agriculture Department (USDA) crop progress reports released Monday afternoon showed the US corn condition rating rose a bit.

 

Ninety-eight percent of the corn crop had emerged as of July 7, whereas 100% of the crop is typically emerged at this point in the growing season.

 

USDA reported only 8% of the corn crop was in the silking stage as of Sunday compared to 22% for the five-year average.

 

Soybean condition ratings drop

 

Recent drier and warmer weather pushed the corn crop rated “good” to “excellent” up 1%, to 57%, which was in line with market expectations but 18% behind last year’s crop condition.


USDA’s soybean condition ratings dropped slightly versus trader expectations for some improvement.

 

As of last Sunday, 96% of the US soybean crop had been planted - 3% behind the five-year average.

 

Ninety percent of the crop was emerged as of July 7, which compares to 98% for the five-year average.

 

Just 10% of the US soybean crop was blooming versus 32% for the five-year average and 44% seen last year at this time.

 

USDA rated the amount of soybeans “good” to “excellent” at 53%; the market was expecting a 1% increase.

 

The amount of the soybean crop rated “poor” to “very poor” was up 1%, to 12%.

 

Warmer, drier weather over the past week helped the development of a late-planted US spring wheat crop, with 56% of the crop headed as of Sunday.

 

That’s still behind 73% headed for the five-year average. Spring wheat’s condition rating by USDA saw 78% of the crop “good” to “excellent,” which is up 3% from last week.

 

’Heat domes’

 

Drier, warmer weather in the US Midwest the past week is presently deemed bearish for the US grain futures markets.

 

However, there are some weather forecasters calling for the building of a high-pressure ridge over the US Midwest starting next week. That means higher temperatures and less rainfall. High-pressure ridges are also called “heat domes.”

 

Grain traders are starting to focus on Thursday’s monthly USDA supply and demand report, which is likely to move the markets, as USDA officials said they will factor into new-crop supplies the updated US corn and soybean acreage figures from the June report from the agency, as well as recent crop condition ratings.

TwitterLinkedineCard
Related Stories

ANALYSIS: Are China's wheat imports about to get the corn treatment?

Competitive pricing is driving Chinese livestock feeders to use more grain in their rations. That could see wheat imports far exceed current forecasts

Cotton, wheat futures gain as USDA stocks downgrades top forecasts

A cut in the Wasde to the forecast for world wheat stocks proves a particular "surprise". But exuberance is capped by downbeat soybean data revisions

Key data in April 9 Wasde, and how they compared with market forecasts

Details of key statistics in the USDA’s Wasde report, which sent corn, cotton and wheat prices higher, but undermined soybean futures

Rapeseed worries mount, as Ukraine looks at lower exports

US officials forecast a drop in Ukraine rapeseed exports, just as weather is testing crops in top producers Canada and the EU. In Australia, however...
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2021

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069