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CHICAGO, Illinois (Agriculture.com)--Monday's USDA Crop Progress Report indicates the U.S. corn and soybean crop conditions continue to go backwards.
For corn, the USDA rated the U.S. crop as 14% very poor-poor, 24% fair and 62% good/excellent. Also, 65% of the corn crop is estimated to be in the silting stage, behind 82% a year ago and a 69% five-year average.
Jack Scoville, PRICE Futures Group vice-president, says the Crop Progress Report could prove to be price-supportive for Tuesday's market.
"Corn looks fairly bullish off the first view. Soybean conditions dropped as well, but corn really dropped in condition, at least as much as expectations. So, it should help support futures tonight," Scoville says.
Jason Ward, Northstar Commodity Investment Co. agrees the USDA released market-friendly numbers.
"The trade was expecting 2-4% down on corn and it was down 4%. The trade was expecting down 2% on soybeans and it was down 2%," Ward says.
The U.S. soybean crop is rated 74% good/excellent, 27% fair, and 11% very poor-poor. The USDA estimates that 16% of the crop is setting pods, below a 32% rate a year ago and a 27% five-year average. In addition, 60% of the U.S. soybeans are blooming, vs. 73% a year ago and a 68% five-year average.
In its report, the USDA estimates that 75% of the U.S. winter wheat crop is harvested, compared to 78% a year ago and an 80% five-year average.
The government sees 83% of the U.S. spring wheat as headed, vs. 92% a year ago and 95% five-year average.
See full report at: http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-07-25-2011.txt.