DES MOINES, Iowa — The U.S. corn crop rating is just holding steady, with lower top-end state grades and lower low-end ratings.
In other words, the good crops still have a ways to go, while the weak crops grade out fairly low vs. a year ago.
As of Sunday, 67% of the U.S. corn crop had been rated good/excellent, unchanged from a week ago and well under a rating last year at this time of 75%, according to the USDA Crop Progress Report Monday.
The governmental agency noted that Minnesota’s corn crops are rated at a strong 81% good-to-excellent condition, while Indiana’s crop rating is pegged at 45%.
USDA pegged the U.S. corn emergence at 98%, equal to a five-year average.
Al Kluis, Kluis Commodities, says today’s report could give the corn market a friendly nudge.
“Today’s report is slightly friendly for prices tonight. I expect corn to start out 1¢ to 2¢ higher tonight.”
He added, “For soybeans, this report is slightly friendly for prices tonight. I expect soybeans to start out 1¢ to 2¢ higher tonight,” Kluis stated in a daily note to customers Monday.