29 July 2013 23:24 [Source: ICIS news]
HOUSTON (ICIS)—Corn silking for the 2013 crop has reached 71% while the soybean crop is 65% blooming, according to the US Department of Agriculture (USDA) Weekly Crop progress report released on Monday.
Corn silking gained by 28 percentage points from last week’s report and marks a consecutive period of double-digit growth although the crop remains behind 2012 when 93% was silking and the five-year average of 75%.
While the pollination and silking progress has been substantial, the overall health of the corn crop has not budged week on week with the crop being rated as 3% very poor, 8% poor, 26% fair, 46% good and 17% excellent.
In soybeans, the rate of blooming increased by 19 percentage points to a level of 65% versus 87% in 2012 and a five-year average of 74%. Soybean crop conditions were listed at 2% very poor, 7% poor, 28% fair, 50% good and 13% excellent.
The USDA reports 20% of soybeans have begun setting pods versus 52% in 2012 and five-year average of 34%.
Evaluating the latest report numbers and overall crop progress, analysts feel that it will be viewed as moderately bearish for corn as direct sales from farmers begin to lag and due to the growing sentiment that a huge harvest is on the horizon. At the same time, soybeans will take on a neutral-to-bullish tone as the crop price is being impacted by old crop supply tightness and a more favourable weather outlook.
Trading of the two commodities went in opposite directions during Monday’s session as the September corn future pricing was down 2.6 cents to close at $4.89 per bushel while August soybeans were up 17.6 cents to close at $13.67 per bushel.
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