The USDA’s weekly crop report released this afternoon contained small increases in nationwide corn and soybean crop ratings, following better rains in most states last week. The winter wheat harvest continues to be hampered by rain.
The USDA pegged the nationwide corn crop at 57% good to excellent as of Sunday, up 2 points on the week although still well below the previous year’s 64% good to excellent rating. For corn, it marked only the third week-over-week improvement in the crop this growing season after the initial rating in early May of 69% good to excellent.
The soybean crop came in at 55% good to excellent as of Sunday, up 4 points from the previous week. Last year at this time, the US soybean crop was rated 61% good to excellent. Since the first condition rating in early June, the condition of the soybean crop has still lost 9 points.
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