Modest rise in corn condition ratings, as expected

USDA now rates 65% of the U.S. corn crop in “good” to “excellent” condition, a one-point rise from the week prior and the first week-to-week gain of the season. Rains across much of the Corn Belt over the past week helped lift condition ratings. The amount of crop rated “poor” to “very poor” (P/VP) edged a point lower to 8%.

USDA reports 26% of the U.S. corn crop was silking as of Sunday, which lags the five-year average by four percentage points. Three percent of the crop is in dough stage, which is right in line with the 2016-2020 average.

Soybean ratings hold steady

Rains and cooler temperatures for the Midwest proved enough to stabilize soybean crop ratings, but not to improve them. USDA once again rated 59% of the crop G/E, whereas analysts on average expected a 60% rating, according to a Reuters survey. Last year at this time, 68% of the crop was rated G/E.

Crop development is not a concern, with 46% of the crop blooming (40% on average) and 10% of it setting pods (in line with the five-year average).

Spring wheat crop still deteriorating

USDA rated 16% of the U.S. spring wheat crop G/E as of July 11, steady with the week prior and in line with market expectations. But the headline number masked a one-point slide in the amount of crop rated excellent. The amount of spring wheat rated P/VP jumped five percentage points to 55%. Heat and dry weather continue to bake the crop, and what little rains have fallen have done little good after months of drought. Today’s report shows 83% of the crop is headed, which compares to 81% headed at this time of year on average.

Winter wheat harvest moves past half complete

Winter wheat harvest advanced 14 percentage points over the past week to 59% finished. Progress was in line with expectations, but the pace of harvest still lags the norm of 65% complete for this point in the season.

Cotton ratings jump after timely rains

Cotton condition ratings improved notably over the past week, with the amount USDA rates G/E jumping four percentage points to 56% and the amount of crop rated P/VP sliding a point to 9%. West Texas recently received welcome rain, lifting crop prospects.

Today’s update shows 55% of the crop is squaring and 16% of it is setting bolls, which lags the five-year average of 61% squaring and 20% setting bolls.