US corn quality rating down from prior week

29 May 2012 21:44  [Source: ICIS news]

HOUSTON (ICIS)--The 2012 US corn crop quality rating slipped slightly from a week earlier, data released by the US Department of Agriculture (USDA) indicated on Tuesday.

USDA's weekly Crop Progress Report said as of 27 May, 59% of the corn planted in the 18 top-producing states was rated in good condition while 13% was rated as excellent.

The ratings are a slight downgrade from the 62% good and 15% excellent reported a week earlier.

Only 23% of the estimated 95.9m acres of corn planted this year is rated as fair, while 4% is rated poor and 1% very poor.

USDA said that 61% of a projected 73.9m acres of soybeans had emerged as of 27 May, compared with only 22% on the same date last year.

December corn futures closed at $5.17 /bushel on Tuesday at the Chicago Mercantile Exchange, down about 23 cents/bushel from a week earlier. November soybeans closed at $12.93/bushel, down 13 cents/bushel from a week ago.

By: Frank Zaworski
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