US soybean crop rises more than expected, reaching highest level since 2016

The U.S. soybean crop improved more than expected in the latest week, reaching its highest mid-July level since 2016, according to U.S. Department of Agriculture data released Monday.

The agency said 70% of the soybean crop was in good or excellent condition as of Sunday, up from 66% the previous week and above estimates compiled in a Reuters poll of 12 analysts.

The U.S. corn crop remained steady at 74% good to excellent, in line with trade estimates and the highest for this time of year since 2016, the USDA said.

Recent warm weather and timely rains have improved the outlook for crop production in much of the U.S. Midwest farm belt this summer, although pockets of drought in northern Illinois, the Dakotas and Nebraska have hurt some crops.

The bulk of the U.S. corn crop will be pollinated in July, a key reproductive stage that determines yields.
The U.S. Department of Agriculture reported that 34% of the corn was in “heading” condition as of Sunday, one point above the five-year average.

The nation’s spring wheat crop also grew more than expected last week. The USDA rated 54% of the crop as good or excellent, up from 50% the week before and above all expectations.

Meanwhile, the U.S. winter wheat harvest was 63% complete as of Sunday, according to the USDA, with farmers in the leading producing state of Kansas having completed 93% of the harvest.

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