On Tuesday, the USDA dropped U.S. corn ratings, while soybean conditions remain the same as a week ago. In a nutshell, the report is neutral for the markets, according to Al Kluis, Kluis Commodities.
In its weekly Crop Progress Report, the USDA pegged the corn crop at 74% good/excellent, down from 75% a week ago. Also, 76% of the nation’s corn has reached the dented stage vs. a 69% five-year average; 96% of the corn is in the dough growth stage, compared with a 94% five-year average.
For soybeans, 73% of the crop is rated good/excellent, equal to a week ago. USDA pegged the nation’s soybean crop as 97% pod-setting vs. the 97% five-year average.
Also, 12% of the crop is dropping leaves, equal to the 12% five-year average.
USDA Crop progress and condition estimates are based on survey data collected each week from early April through the end of November. The nonprobability crop progress and condition surveys include input from approximately 4,000 respondents whose occupations provide them opportunities to make visual observations and frequently bring them in contact with farmers in their counties.
Based on standard definitions, these respondents subjectively estimate the progress of crops through various stages of development, as well as the progress of producer activities. They also provide subjective evaluations of crop conditions.