Considering where corn and soybean crops were just a few weeks ago, yesterday's USDA crop progress report indicates that the condition of both is starting to look better.
While rains through much of the major grain-producing regions of the U.S. were a welcome sight, they only slowed the continuing deterioration of crops, especially corn. For the ninth consecutive week, USDA reported that the condition of the U.S. corn crop is worsened compared to the previous week and a year ago.
Yesterday, USDA reported 63% of the U.S. corn crop is in "good" or "excellent"? condition. This is below last week's 66% and last year's 70%. The condition of soybeans for this date also declined with 56% in "good" or "excellent" condition vs. 60% last week and 68% last year.
Yesterday, USDA reported 60% of the corn crop is in "good"? or "excellent"? condition. This matches last week's 60%, but remains below last year's 69%.
Earlier today, USDA reported 60% of the corn crop is in "good" or "excellent" condition, which is below last week's 62% and last year's 71%. Condition of the soybean crop edged up to 61% "good"? or "excellent"? vs. last week's 60%, but remains below last year's 66%.
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