SOYBEANS CONDITIONS ARE SLIGHTLY BETTER THAN TRADE EXPECTATIONS.
Even after weekend rains that may have been observed, USDA’s weekly crop progress report shows corn and soybeans deteriorating, but at the upper end of trade expectations.
In its report, the USDA pegged the U.S. Corn good/excellent rating at 65%. The trade expected 63% to 65%. That’s below last week’s rating of 68% good to excellent and well below the five-year average of 71%.
USDA’s condition estimate for soybean puts 60% of the crop in the good/excellent categories. That’s slightly above trade forecasts of 58% to 59%. It’s down from last week’s 62% rating and under the 67% five-year average. Soybean emergence is at 91%, ahead of the 85% five-year average; the percentage of soybeans blooming is 5%, the same as the five year average.
Crop progress and condition estimates are based on survey data collected each week from early April through the end of November, according to the USDA report. “The non-probability crop progress and condition surveys include input from approximately 3,600 respondents whose occupations provide them opportunities to make visual observations and frequently bring them in contact with farmers in their counties.