US corn quality continues to tilt lower, USDA says
In the UK, Farm Progress reported that the latest US crop progress report from USDA, covering the week through August 2, showed corn and soybean crop quality trending unexpectedly lower after a modest drop for both commodities. Spring wheat crop conditions exceeded expectations, meantime, while the winter wheat harvest continues to press ever closer to the finish line, according to the report.
Corn quality ratings faded another two points lower this past week, with 61% of the crop now in good-to-excellent condition. Analysts were expecting that number to hold steady, with individual trade guesses ranging between 61% and 64%. Another 25% of the crop is rated fair (unchanged from last week), with the remaining 14% rated poor or very poor (up two points from last week), the report added.
Soybean quality ratings held steady this past week, with 63% of the crop still in good-to-excellent condition through August 2. Analysts were expecting to see a one-point improvement, however. Another 28% of the crop is rated fair (unchanged from last week), with the remaining 9% rated poor or very poor (also unchanged from last week).
Category: Food & Agriculture
