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Soybean crop conditions declined slightly last week while corn ratings remained steady, according to the latest USDA Crop Progress report. USDA reported Monday that 64% of the nation’s soybean crop was rated good to excellent, down one percentage point from the previous week. Corn conditions held at 67% good to excellent.
Farm Progress reported that recent heat and uneven rainfall across portions of the Corn Belt contributed to the decline in soybean ratings, while weather forecasts remain favorable for many major production areas. Analysts say July weather is especially important because corn is entering pollination and soybeans are beginning critical reproductive stages. Yield potential can change rapidly depending on temperatures and moisture availability during the next several weeks.
Meanwhile, winter wheat harvest continued to advance, moving beyond the halfway point nationally. Grain markets are expected to remain highly sensitive to weather forecasts and crop condition reports as traders attempt to estimate production ahead of USDA’s August supply and demand updates.
NAFB news service
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