July 12, 2022

Corn crop ratings in the US stabilise, 64% rated good to excellent

The US Department of Agriculture (USDA) said US corn crop conditions have stabilised as much of the Midwest crop reached its pollination phase, important for determining harvest yields, Reuters reported.

The USDA also said that while the spring wheat crop in the northern US Plains improved, ratings for soybeans declined for the fourth week in a row.

According to the USDA's weekly Crop Progress and Conditions report, 64% of the U.S. corn crop was rated good to excellent, remaining constant from the previous week. This was 0.1 percentage points less than what analysts had predicted.

The USDA said 62% of soybeans received good to excellent ratings. This was 2 percentage points below market expectations and down 1 point from a week ago.

Spring wheat received a 4 percentage point increase in ratings, moving from good to excellent to 77%. 67% was the average analyst prediction, which is how this compares.

In 2021, soybeans were rated 59% good to excellent, spring wheat was rated 16% good to excellent, and the corn crop was rated 65% good to excellent.

The USDA also reported that 63% of the winter wheat crop had been harvested, which is 2 percentage points more than the average for the previous five years. The report was expected to show that the winter wheat harvest was 68% complete.

-      Reuters