Crop Progress: Corn, Soybean Development Ahead of Pace, Conditions Improve – DTN
Corn and soybean development was slightly ahead of the five-year averages for both crops, and the condition of the nation’s corn crop improved slightly in the week ended July 13, according to USDA’s latest Crop Progress Report.
Corn was 34% silking as of Sunday, up from 15% a year ago and ahead of the five-year average of 33%. The crop was rated 76% in good-to-excellent condition, up from 75% the previous week.
“USDA’s good-to-excellent rating of 76% for corn resulted in a DTN Corn Condition Index of 187, up from last week’s 185, up from 162 a year ago, and above the five-year average of 143.2,” said DTN Analyst Todd Hultman. “This report should be viewed as neutral to bearish for corn based on silking progress and the sustained high crop rating.”
Soybeans were 41% blooming, up from 24% a year ago and also up from the five-year average of 37%. The crop was rated 72% in good-to-excellent condition, the same as the previous week.
“USDA’s good-to-excellent rating of 72% resulted in a DTN Soybean Condition Index of 175, down from 176 a week ago, up from 159 a year ago, and above the five-year average of 142.6,” Hultman said. “This report should be viewed as neutral to bearish due to blooming progress and another week of high crop rating.”
The nation’s winter wheat crop was 69% harvested as of Sunday, up from 66% a year ago and ahead of the five-year average of 68%. Harvests in Texas, Oklahoma and Kansas were 99%, 97% and 90% complete, respectively. USDA is no longer reporting the condition of this year’s winter wheat crop.
Meanwhile, spring wheat was 69% headed, up from 67% a year ago and slightly ahead of the five-year average of 68%. USDA said that 70% of the spring wheat crop was rated good to excellent, resulting in a DTN Spring Wheat Index of 169, up from 168 a week ago, but down from 174 a year ago and down from the five-year average of 180, Hultman said.
“Monday’s report should be viewed as neutral overall for wheat, as there were no surprises in the improved harvest progress for winter wheat or slight increase in the spring wheat crop rating,” Hultman said.
Sorghum was 30% headed as of Sunday compared to 23% last week and a 29% five-year average. Sorghum is 21% coloring compared to a 22% five-year average. Sorghum condition improved 1 percentage point in the good-to-excellent category from the previous week.
Oats are 90% headed compared to 80% last week and a 92% five-year average. Barley is 83% headed compared to 61% last week and a 67% five-year average. Oat conditions remained the same while barley conditions slipped 4 percentage points in the good-to-excellent category from the previous week.
Rice was 24% headed compared to 17% last week and a 22% five-year average. Cotton is 70% squaring and 24% setting bolls, compared to 53% and 12% last week and 74% and 25% five-year averages. Rice condition remained the same this past week while cotton conditions dropped 2 percentage points in the good-to-excellent category.
|National Crop Progress Summary|
|Spring Wheat Headed||69||47||67||68|
|Winter Wheat Harvested||69||57||66||68|
|Cotton Setting Bolls||24||12||16||25|
|National Crop Condition Summary|
|(VP=Very Poor; P=Poor; F=Fair; G=Good; E=Excellent)|
|This Week||Last Week||Last Year|
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The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,