USDA rated 58% of the crop in “good” or “excellent” condition, whereas traders expected ratings to be steady. The amount of crop rated “poor” to “very poor” rose a percentage point to 15%. But with harvest getting started (see next paragraph), the market will focus less so on condition updates and more so on crop progress.
As of Sunday, USDA reports 87% of the crop is dented (81% on average over the past five years) and 37% of the crop is mature (vs. 31% for the five-year average). Four percent of the U.S. corn crop had been harvested as of Sunday, which compares to 5% harvested at this point last year and for the five-year average.
| This week | Last week | Year-ago |
Very poor | 5 | 4 | 5 |
Poor | 10 | 10 | 10 |
Fair | 27 | 27 | 25 |
Good | 44 | 45 | 46 |
Excellent | 14 | 14 | 14 |
Steady soybean rating as growing season winds down
Fifty-seven percent of the U.S. soybean crop is still rated G/E, thought the excellent rating edged a point higher to 12%. Last year at this time, 63% of the crop fell in the top two categories.
Today’s update shows 38% of the crop was dropping leaves as of Sunday, which is nine points ahead of the five-year average and a 20-point jump from the week prior. USDA will issue its first harvest progress update of the season next week.
| This week | Last week | Year-ago |
Very poor | 4 | 4 | 3 |
Poor | 10 | 10 | 8 |
Fair | 29 | 29 | 26 |
Good | 45 | 46 | 50 |
Excellent | 12 | 11 | 13 |
Cotton ratings improve as harvest begins
Cotton condition ratings improved after a big drop the previous week for Texas caught the market off guard. USDA now rates 64% of the crop G/E, a three-point gain from last week.
Today’s report shows 96% of the U.S. cotton crop is setting bolls vs. 99% for the five-year average. As of Sunday, 36% of the crop had bolls opening vs. 43% on average. That includes 38% of the crop in 33% of the Texas crop, 38% of Louisiana’s and 43% of Georgia’s as Tropical Storm Nicholas approaches. Damage is expected to be limited. Cotton harvest is also getting started, with 5% of the crop out as of Sunday, three points behind the five-year average. In top-producing Texas, 11% of the crop has been harvested.
| This week | Last week | Year-ago |
Very poor | 1 | 1 | 7 |
Poor | 5 | 6 | 20 |
Fair | 30 | 32 | 28 |
Good | 50 | 50 | 36 |
Excellent | 14 | 11 | 9 |
Winter wheat planting off to a quick start
USDA reports 12% of the winter wheat crop had been seeded as of Sunday, a seven-point gain for the week and four points ahead of the five-year average for mid-September. Top-producing Kansas has planted 4% of its intended acres, which is in line with the norm.