Soybean Rating Slides More than Expected; Corn Also Lower

The condition of the US corn and soybean crops declined this past week, with the soybean rating sliding more than expected. 

Tuesday’s USDA crop progress report pegged the American corn crop at 69% good to excellent as of Sunday, down 2 points on the week and in line with trade expectations. Soybeans saw a sharper fall, declining 4 points from the previous week to 65% good to excellent, versus trade expectations for a 2-point drop. 

With the decline, the condition of the soybean crop drew even with a year earlier, while the corn crop was still 4 points higher. 

The Illinois corn condition rating dropped 6 points from a week earlier to 55% good to excellent, while the state soybean crop lost 5 points to 53%. The Indiana corn and soybean crops were both rated 61% good to excellent, down 2 points from a week earlier. At 84% good to excellent, the condition of the Iowa corn crop was unchanged from a week earlier, but the soybean crop dipped 2 points to 79%. 

The Michigan corn crop gained 2 points on the week to 56% good to excellent, with the soybean crop down 3 points to 52%. Ohio crop conditions fell sharply, with corn down 7 points to 56% and soybeans down 8 at 54%. The North Dakota corn crop was up 4 points to 65%, but the soybean crop eased a single point to 61%.