by Cheri Zagurski, DTN Managing Editor
and
Anthony Greder, DTN News Editor
OMAHA (DTN) — Half of the nation’s corn crop was rated poor to very poor as of Sunday, Aug. 5, according to USDA’s latest weekly Crop Progress report. That compares to 48{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} last week. The percentage of the soybeans rated poor to very poor increased to 39{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} from 37{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} last week.
Weekend rains were heavier than expected in some areas, which tipped the futures markets to the bearish side Monday. But that wasn’t enough moisture to matter for much of the already-gone corn crop. Some soybean fields will benefit, and if the rains continue, we may see some improvement in crop ratings in coming weeks.
“The DTN Corn Condition Index is at a paltry 1 point,” said DTN Analyst John Sanow. “This is below last week’s 8 points and significantly below last year’s 137 points.
“As mentioned in this space on several occasions, it’s not a matter of whether USDA will lower their current 146 bpa estimate but rather by how much. This report should be considered bullish as a large drop in the harvested acreage number will have to be accounted for as well.”
Sanow continued, “The DTN Soybean Condition Index dropped another 13 index points from last week to 52 points, continuing to run well below last year’s 144 points when final yield settled at 41.5 bushels per acre.
“How much this past weekend’s rain will help is also put into question given 71{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} of the crop was reportedly setting pods as compared to the five-year average of 53{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} while 93{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} of the nation’s crop was blooming. This report should be considered bullish.”
Winter wheat harvest was reported at 88{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} complete, 3 percentage points ahead of last week and about equal to average. Spring wheat harvest was 47{6b02cb02835b82b7f756ddf6717aaab7139b350de274ea97f5b53eb230607107} complete, well ahead of an average pace.
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Posted witn DTN Permission by Haylie Shipp
