US corn and soybean crops worsen for second week in a row

The U.S. Department of Agriculture said the condition of U.S. corn and soybean crops worsened for a second week in a row, although its assessments of crop condition as good or excellent did not fall as much as some analysts polled by Reuters had predicted.

The downgrades are normal as crops approach maturity and dry out in fields ahead of harvest, and analysts say strong yields of both corn and soybeans are still expected.

The U.S. Department of Agriculture (USDA) said 68% of the U.S. corn crop was in good or excellent condition as of Sunday, down one notch from a week earlier but the highest for this time of year since 2018, according to the agency. The rating had been expected to fall two notches to 67% in good or excellent condition, according to a Reuters poll of 11 analysts.

Farmers have harvested 4% of the crop so far, compared with the average trade estimate of 5%, according to the USDA.

Sixty-four percent of the soybean crop has been rated “good” or “excellent,” down one notch from a week earlier but above the average analyst estimate of a two-notch decline. That rating is slightly below the 65% of the crop that was rated “good” or “excellent” at the same time last year, but above the five-year average of 59%, according to the USDA.

As of Sunday, U.S. spring wheat had been harvested at 85%, up from 72% a week earlier and slightly above the 84% expected, while winter wheat was planted at 5%, in line with expectations.

Tags: corn, wheat, USA