Confirmation of what producers already know and a reminder of some of the upcoming obstacles has become evident in the latest USDA crop progress and condition report.
U.S. corn conditions were reported at 58 per cent at good to excellent, versus the analysts projections of 57 per cent. This is a very slight improvement from than last week, however, and still behind last year’s number of 72 per cent. As of the last report, 58 per cent of the corn crop is silking, which is well below last year’s 83 per cent.
58% of the US #corn crop has reached the silking stage. That means 42% of the crop is still AT LEAST 60 days away from maturity. That pushes it back to around Oct. 1st or beyond. (BTW, the 5 yr avg is 83%)
— Market Dude Marlin (@MarketsMarlin) July 29, 2019
Concern over hot Midwest temperatures and how this will affect later pollinating corn continues to be at the forefront of many producers minds.
54 per cent of the U.S. soybean crop is rated good to excellent, but concern rises on the late planting dates, as fall and cooler temperatures quickly approach.
#Soybeans only setting pods on 21% of US acres. That means nearly 80% of the crop hasn’t set any pods yet and it’s nearly August 1st! IN only 8%; MO & OH only 9%. Nothing to see here. Please move along…
— Market Dude Marlin (@MarketsMarlin) July 29, 2019
The U.S. soybean acre average for setting pods for the same date is 45 per cent, and currently, 21 per cent of the U.S. soybean acres have set pods.
The spring wheat crop is rated at 73 per cent, at good to excellent, and while this may seem like a higher number, it is lower than last weeks 76 per cent. Currently, 97 per cent of the U.S. spring wheat crop is in heading.
See the full USDA report, here.
