U.S. corn and soybean crops progressing well
The USDA released its Crop Progress Report showing U.S. farmers have 93% of the corn crop in the ground, ahead of a five-year average of 89%, but below the trade’s expectation of 95%.
Meanwhile, 78% of the nation’s corn has emerged vs. a 73% five-year average.
In its report, the USDA estimates the corn good/excellent rating at 74%, up from 70% a week ago.
USDA rated the nation’s soybean planting completion rate at 75% vs. a 68% five-year average, but below the trade’s expectation of 77%.
Meanwhile, 52% of the U.S. soybean crop has emerged vs. a 44% five-year average.
In its first grade of the season, the USDA estimates the soybean good/excellent rating at 70%.
In its report Monday, the USDA rated the U.S. winter wheat crop is 77% headed vs. an 81% five-year average. ■