The condition of the U.S. corn crop deteriorated slightly in the latest week, while national soybean ratings held steady, according to data released by the U.S. Department of Agriculture (USDA) on Monday. This follows floods that swamped portions of the northwestern Midwest region.
The USDA reported that 67% of the corn crop was rated as good to excellent, down 2 percentage points from the previous week. Analysts surveyed by Reuters had expected a 1-point decline on average.
For soybeans, the USDA maintained its rating of 67% of the crop as good to excellent, unchanged from the prior week. Analysts had expected a 1-point decline on average.
The declines in corn and soy ratings were seen in Iowa and Minnesota, where portions of the states were flooded after storms on June 20-22 dumped 5 to 10 inches of rain in the area where the three states meet. However, ratings improved in South Dakota.
In the eastern Midwest, corn and soy ratings improved in Illinois, Indiana and Ohio.
The condition ratings for spring wheat, grown in the northern Plains, improved, with 72% of the U.S. spring wheat crop rated as good to excellent, up from 71% the previous week.
Despite the slight dip in corn ratings, both corn and soy ratings remained the highest for this time of year since 2020. Corn and soy futures fell sharply in June amid concerns over oversupply.
Meanwhile, the U.S. winter wheat harvest continued to progress ahead of the average pace, with 54% of the crop harvested, up from 40% a week ago and ahead of the five-year average of 39%.