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.
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.