Hot, dry weather for northwest Corn Belt again drags down corn ratings

Hot, dry weather for northwest Corn Belt again drags down corn ratings

Last week’s heat and lingering dryness took more of a toll on the U.S. corn crop than analysts surveyed by Reuters anticipated, on average. USDA now rates 62% of the crop “good” or “excellent,” a two-point decline versus the one-point dip analysts anticipated. The amount of crop rated “poor” to “very poor” (P/VP) also edged a point higher to 11%. Of the top producing states, North Dakota is hardest-hit, with just 18% of the crop rated G/E, followed by South Dakota at 32% and Minnesota at just 36% G/E.

Recent heat has also accelerated crop development. USDA reports 91% of the crop is silking and 38% of it is in dough, both of which are five points more advanced than the five-year average.

Soybean condition ratings unexpectedly improve

Rains for some areas of the Midwest helped to offset heat, with USDA’s G/E rating climbing two percentage points the week ended Aug. 1 to 60%. Analysts expected a one-point slide in ratings. USDA still rates 12% of the crop P/VP.

Crop development is a bit more advanced than is typically the case at this point in the season, with 58% of the bean crop setting pods versus the usual 52%.

Cotton ratings edge down

Cotton condition ratings edged a point lower as of Sunday to a still-solid 60% G/E. USDA again rated just 8% of the crop P/VP, steady with last week.

Crop development continues to lag the norm, despite a drier week with some sunshine. USDA reports 82% of the crop is squaring and 50% of it is setting bolls. That compares to 90% squaring and 53% setting bolls on average over the past five years.

Spring wheat ratings unexpectedly improve

After weeks of surprising to the downside, spring wheat condition ratings unexpectedly improved. USDA reports 10% of the crop is now rated G/E, a one-point rise from the week prior whereas analysts polled by Reuters expected a one-point dip. USDA now rates 64% of the crop P/VP, a two-point decline from the week prior. It’s unclear whether the improvement was driven by the omission of some acres that are being abandoned or hayed or if recent rains in the Dakotas indeed aided crops.

Harvest of the small, parched crop advanced rapidly over the past week, with progress jumping 14 percentage points ahead to 17% complete. That compares to 8% finished on average for this time of year. Analysts polled by Reuters expected USDA to report 11% of the crop had been cut.

Winter wheat harvest nearing in the homestretch

Winter wheat harvest advanced seven percentage points over the past week to 91% complete, which was right in line with expectations. Kansas, Texas and Oklahoma have all wrapped up harvest.