USDA released a new Crop Progress report on Monday afternoon, July 30th.

Corn condition ratings fell to 58% good to excellent from 62% the previous week. Soybean ratings also declined with good to excellent ratings for 58% of the crop versus 61% the previous week. Spring wheat crop ratings showed a larger decline, falling from 75% good to excellent to 68%. Cotton now stands at 54% good to excellent from 56% the previous week.

However, crops are maturing ahead of normal. Soybeans are 85% blooming compared to the 5-year average of 81% and 51% are setting pods versus 41% normally. The corn crop is 90% silking, up 8% from the 5-year average, and 25% in the dough stage, up 5% from normal. Sorghum is 49% headed and 27% coloring, up 4% and 7% respectively from the 5-year averages. Winter wheat harvest is nearing completion at 88% done as of Sunday. The 5-year average is 86%.

One Response

1. July 31st, 2007 | Clint Hawks Replied:
   

   The U.S. corn crop appears to be on a slippery slope.

   Today’s USDA crop progress report pegged the nationwide crop at 58% good to excellent as of Sunday, down 4 points from the previous week and just 2 points ahead of last year. The corn crop has now lost 12 points over the course of the last three weeks.

   The condition of the corn crop went backward in the three big Corn Belt states, with Iowa falling 3 points from a week earlier to 60% good to excellent. Indiana slipped 2 points to 50% good to excellent while Illinois declined 3 points to 78%. Meanwhile, Michigan took another major hit, as drought stole an additional 11 points to drop the crop to just 26% good to excellent. Ohio on the other hand gained 2 points to 40% good to excellent.

   Chicago corn futures finished with modest gains today, with September up 2 1/2 cents at US$3.23 1/2, and December up 3 1/2 at $3.40.

   According to the board of trade daily commentary, the corn market fell sharply into the mid-session on ideas that the market will soon need to absorb the outlook for a record crop and a potential higher-than-trendline yield. However, a drier weather forecast at mid-day supported the late run higher in corn and soybeans.

   But while soybeans are at a more critical stage of development, the market sees less risk to the corn crop, as it has already pollinated successfully and it will likely take harsh weather to hurt the production.

   Nationwide, 25% of the corn crop had reached the dough stage as of Sunday, compared to a revised 13% the previous week, 23% last year and 20% on average.

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