04 June 2012 22:26 [Source: ICIS news]
HOUSTON (ICIS)--The 2012 US corn and soybean crops appear to be of high quality at this stage of the growing season, data released by the US Department of Agriculture (USDA) indicated on Monday.
USDA's weekly Crop Progress Report said that, as of 3 June, 57% of the corn planted in the 18 top producing states was rated in good condition while 15% was rated as excellent, a slight improvement compared with ratings of 59% good and 13% excellent a week earlier.
In its first quality ratings for the soybean crop, USDA said 55% of the crop was good while 10% was excellent, 5% fair and only 1% very poor.
US growers this year have planted an estimated 95.9m acres (38.8m hectares) of corn and 73.9m acres of soybeans.
December corn futures closed at $5.24/bushel on Monday at the Chicago Mercantile Exchange, down by about 3 cents/bushel from a week earlier. November soybeans closed at $12.68/bushel, down by 25 cents/bushel from a week earlier.
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