US corn and soy crop condition ratings likely to decline


Picture: Bloomberg
Picture: Bloomberg

The US Department of Agriculture was expected to cut crop condition ratings for corn, soybeans and spring wheat due to dry weather in parts of the country and as some fields died naturally ahead of harvest, according to a Reuters poll on Monday.

The USDA in a weekly report due at 3 p.m. CDT (2000 GMT) was likely to rate the U.S. corn crop at 70 percent good to excellent, down 1 percentage point from a week ago, according to an average of estimates by 10 analysts.

Soybean ratings were seen at 66 percent good to excellent, also down 1 point from a week ago, according to the average estimate among analysts.

Soybean ratings a week ago fell by 3 percentage points, surprising analysts who had predicted a smaller decline.

Spring wheat ratings were estimated at 73 percent good to excellent, down 1 percentage point from last week.

Analysts on average estimated the U.S. winter wheat harvest as 95 percent complete and the spring wheat harvest as 28 percent complete.

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Reuters

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