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USDA crop progress: Corn condition dips another two points

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August 20th, 2018

This year’s U.S. corn crop quality has decreased again, according to the latest USDA Crop Progress report, released Monday afternoon and covering the week ending Aug. 19. Soybean quality ratings also dipped last week, according to the agency.

USDA downgraded corn crop quality from 70% rated good-to-excellent the prior week down to 68%, moving it even lower than analysts’ expectations of 69%. That marks several consecutive weeks the agency has lowered its corn quality assessment. Another 20% of the crop is rated fair (unchanged from a week ago), with the remaining 12% rated poor or very poor (up two points from a week ago).

Texas (29%), North Carolina (35%) and Missouri (28%) continue to represent the lowest statewide ratings of good-to-excellent corn. Other key production states continue to do very well, including Nebraska (84%), Ohio (77%), Illinois (76%) and Minnesota (74%).

“Today’s drop in corn ratings followed the pattern of below average precipitation seen last week in the northwestern part of the growing region, and cut yield potential significantly,” says Farm Futures senior grain market analyst Bryce Knorr. “The average of our two models fell 1.6 bushels per acre to an average of 176.5 bpa. The model based on the nationwide rating is down to 175.7 bpa while the estimate using state-by-state ratings is at 177.3 bpa.”

Overall, yield potential has dropped nearly four bushels per acre since USDA did its survey for its August 10 production estimate, Knorr adds.

Physiologically, corn is still tracking about a week ahead of normal, with 85% of the crop reaching dough stage, versus 74% a year ago and a five-year average of 72%. Another 44% of the crop has reached the dented stage, versus 27% a year ago and a five-year average of 26%.

 - Farm Futures.

See Also: Corn Futures, Soybean Futures, Wheat Futures

 

Corn Futures Decline on Concern Japan Disaster to Slash Commodity Demand

March 16th, 2011

Corn futures fell to a two-month low on concern that commodity demand will decline as Japan’s nuclear crisis escalates.

The Asian nation is struggling to control radiation leaking from a power plant damaged by the magnitude-9 earthquake and tsunami that struck on March 11, killing thousands. Japan is the world’s biggest corn buyer. On Feb. 22, the price in Chicago reached a 31-month high.

“People fear the worst possible outcome in Japan and are liquidating long positions,” said Gregg Hunt, a market analyst at Archer Financial Services Inc. in Chicago. “The situation has the potential to reduce demand” for supplies from the U.S., he said.

Corn futures for May delivery fell 19.5 cents, or 3.1 percent, to close at $6.165 a bushel at 1:15 p.m. on the Chicago Board of Trade. Earlier, the price touched $6.08, the lowest for a most-active contract since Jan. 12. Yesterday, the grain tumbled 4.5 percent, the most in four months.

Before today, the price jumped 75 percent in the past 12 months. The U.S. is the world’s leading corn exporter.

Corn is the biggest U.S. crop, valued at $66.7 billion in 2010, government figures show.

 - Jeff Wilson in Chicago at Bloomberg.