Market News & Headlines >> U.S. Corn, Soy Crop Ratings Down Again Amid Dry Weather

U.S. corn and soybean crop ratings declined for the second straight week last week as Midwest soil moisture continued to deteriorate amid a continued lack of rainfall in the region.

Monday afternoon’s weekly USDA Crop Progress report pegged U.S. corn conditions as of Sunday at 61% good/excellent, down from 64% a week earlier and 72% a year earlier. The rating was one percentage point below the average of trade estimates in a Reuters News Service survey.

Looking at the top producing states, Iowa corn conditions were rated 70% good/excellent versus 72% a week earlier, while the Illinois conditions were rated 48% good/excellent, down from 50% a week earlier. The good/excellent rating was 75% for Minnesota corn, versus 77% a week earlier and 61% for Nebraska corn versus 63% a week earlier. The Indiana rating of 55% good/excellent was down from 62% previously.

U.S. soybean conditions were rated 59% good/excellent as of Sunday, down from 62% a week earlier and 70% a year earlier. The rating was one percentage point below the average of trade expectations in the Reuters survey. USDA estimated 86% of the U.S. crop was emerged, well ahead of the year-earlier pace of 68% and the 5-year  average of 70%.

Iowa soybean crop conditions were rated 66% good/excellent down from 70% a week earlier and Illinois conditions were rated 47% good/excellent, down from 51% previously. The Minnesota crop was rated 75% good/excellent, down from 79% a week earlier and the Nebraska crop was rated 53% good/excellent, down from 58% previously. The Indiana crop was rated 56% good/excellent down from 62% a week earlier.