The condition of the US corn crop ticked modestly higher this past week, while the first soybean condition rating of the season was slightly below trade expectations.
Monday’s USDA crop progress report pegged the nationwide corn crop at 69% good to excellent as of Sunday, up a single point from last week and in line with the average pre-report trade guess. However, that was still well below last year’s 75% good to excellent rating for corn.
Meanwhile, the soybean crop was rated 67% good to excellent, close to previous years but still 1 point below the average trade guess. (The USDA made no comparison to the previous year).
The corn crop in the No. 1 production state of Iowa was rated 84% good to excellent, up 1 point from the previous week’s already strong rating. At 63% good to excellent, the condition of the Illinois crop was down 4 points on the week, while the Indiana crop held steady at 70%. The condition of the Michigan crop dropped a hefty 7 points to 53% good to excellent, but Ohio was up 5 points to 46%. The North Dakota corn crop improved 3 points to 51% good to excellent.