Corn and soybean ratings continue to slide

Corn ratings drop a bit more than expected

USDA now rates 60% of the U.S. corn crop “good” to “excellent,” a two-point slide from the week prior and a point lower than analysts surveyed by Reuters anticipated, on average. But the ratings likely did not account for any benefit stemming from the latest rains in the western Corn Belt.

As of Aug. 22, 85% of the crop was in dough (81% for the five-year average), 41% was dented (38% average) and 4% of the crop was mature (4% average). The crop was planted in a timely manner across much of the Midwest and some crops in the western Corn Belt have been pushed by heat and dryness.

Soybean ratings edge lower, as expected

USDA lowered the amount of soybeans it rates “good” or “excellent” (G/E) a percentage point to 56%, as expected. Last year at this time, 69% of the crop fell in the top two categories. The department now rates 16% of the crop “poor” or “very poor,” up a percentage point from last week.

USDA reports 88% of the soybean crop is setting pods, just a point ahead of the average. And 3% of the crop is dropping leaves — steady with the average for this point in the season.

Farmers continue to make quick work of harvesting the spring wheat crop

Spring wheat harvest continues to advance more rapidly than analysts anticipate, with 77% of the crop cut as of Aug. 22, a 19-point gain from the week prior and three points more advanced than the market anticipated. The 2016 through 2020 average is for 55% of the crop to be harvested at this point in the season.

Cotton condition ratings continue to impress

USDA now rates 71% of the U.S. cotton crop G/E, a four-point jump from the week prior. Last year at this time, just 46% of the crop received top marks. A broad area of top-producing Texas received two to 10 inches of rainfall over the past week, according to the Texas crop progress and condition update.

Today’s update shows 79% of the crop is setting bolls and 14% has bolls open. Crop development lags the norm, with bolls opening lagging the five-year average by five points.