In its weekly crop progress report released on Monday, the U.S. Department of Agriculture (USDA) rated 67% of the nation’s corn crop in good-to-excellent condition, reflecting a decline of one percentage point from the previous week. Analysts had anticipated no change, with a Reuters poll of 13 analysts projecting an average rating of 68%.
Conversely, the USDA reported that 68% of the U.S. soybean crop remains in good-to-excellent condition, which aligns with trade expectations and shows no change from the prior week. Notably, these ratings are the highest for this time of year since 2020 for both corn and soybeans.
Expectations of large, high-quality U.S. harvests have contributed to a drop in futures prices for both commodities, reaching near four-year lows last week. The USDA had previously forecasted that the 2024/25 U.S. corn crop would be the third-largest on record.
In other crop news, the winter wheat harvest has progressed more slowly than anticipated. The USDA estimates that the harvest is 76% complete as of Sunday, an increase from 71% the previous week, though analysts had expected progress to be at 81%. Nevertheless, this pace is ahead of the five-year average of 72%.
The USDA also reported that 77% of the U.S. spring wheat crop is rated as good to excellent, remaining unchanged from last week. Analysts had predicted a slight decline in ratings for the northern Plains crop, expecting it to drop to 76%.