USDA Crop Progress Released.

Jul 01, 2014

The USDA released the weekly Crop Progress report Monday and it was also considered bearish news for the grain markets.

To see the whole report and find state conditions, click the link at the bottom of this story.

The USDA Crop Progress Report indicates U.S. soybean development is mostly in-line with average and both beans and corn are in great shape, overall.

As of Sunday, 5% of corn is silking, compared to 3% this time last year and the five year average of 9%. 75% of corn is rated good to excellent, up 1% on the week.

94% of soybeans have emerged, compared to 90% a year ago and 94% on average and 10% are blooming, compared to 3% last year and 10% on average. 72% of soybeans are in good to excellent shape, but 1% did move from good up to excellent.

43% of winter wheat is harvested, compared to 40% a year ago and 48% on average, with 30% of the crop called good to excellent. 26% of spring wheat has headed, compared to 16% last year and 29% on average, and 70% is in good to excellent condition, 1% less than a week ago.

58% of U.S. pastures and rangelands are in good to excellent shape, an improvement of 3% from last week.

Here is the link to the full USDA Crop Progress Report.

http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-06-30-2014.pdf

Video: Wheat Futures Head for the Moon on Escalating Drought Concerns

???? Wheat surges on drought: Prices jumped to multi-week highs as worsening dryness grips the Plains, with 70% of winter wheat in drought. Corn edged higher, while soybeans slipped.

??????? Mixed weather pattern: Rain improved parts of the Corn Belt, but drought worsened elsewhere—especially the High Plains and Kentucky. Nebraska conditions sharply deteriorated, with 56% in extreme drought.

????? Oil spikes on tensions: Crude climbed over 3% near $96 as Iran keeps the Strait of Hormuz restricted, while fragile ceasefires keep geopolitical risk elevated. ???? Pulses gain favor: Farmers are shifting to peas and lentils as a rare profit opportunity, driven by strong protein demand and lower input costs.

???? Exports mixed but solid: Corn sales dipped week-over-week but remain strong overall; soybean and wheat sales showed mixed trends, with steady global demand.