12 July 2010 23:45 [Source: ICIS news]
HOUSTON (ICIS news)--Despite bad weather in parts of the US midwest, the nation's corn and soybean crops growing well, data released by the US Department of Agriculture (USDA) indicated on Tuesday.
The USDA’s weekly crop progress report said that as of 11 July, 38% of the corn in the 18 top-producing states was in the silking stage, ahead of the 15% silking a year ago.
The quality of the 2010 corn crop was 73% rated good to excellent, up two percentage points from last week, and two percentage points ahead of the five-year average.
In the top 18 soybean states, 40% of the crop was in bloom, compared with only 22% at this time a year ago.
The quality of the soybean crop was assessed as 65% good to excellent, down from 66% last week and one percentage point below the five-year average.
At the Chicago Mercantile Exchange Tuesday, July corn traded at $3.71/bushel, down 3 cents/bushel from Friday’s close, while soybeans were up 5 cents/bushel to $10.30.
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