Corn, Soybean Conditions Little Changed
The USDA weekly crop update released Monday afternoon showed little change in U.S. corn and soybean conditions from a week earlier. The trade had been expecting further improvement in conditions.
USDA rated U.S. corn conditions 69% good/excellent as of Sunday, unchanged from a week earlier. Some 1% of the crop did move from the good category into the excellent category. But the portion of the crop rated poor/very poor increased by 1 point to 7%.
The U.S. soybean crop was rated 60% good/excellent, which was also unchanged from a week earlier, as was the poor/very poor rating. One percent of the crop did move to excellent from good.
On the BridgNews Global Weather Service crop condition index, the corn crop is now rated 101.8% of normal, up from 101.3% a week earlier. The soybean crop is rated 99.8%, up from 99.5% a week earlier.
Editors note: Richard Brock, Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.
To see more market perspectives, visit Brock's Web site at www.brockreport.com.