05 August 2013 23:31 [Source: ICIS news]
HOUSTON (ICIS)--As summer rolls into its final month, both corn and soybean crops continue progressing steadily toward harvest as the US Department of Agriculture (USDA) Weekly Crop progress report released on Monday showed corn silking has reached 86% while the soybean crop is 79% blooming.
Corn silking gained by 15 percentage points from last week’s report and marks the third period of double-digit growth. Although the crop remains behind 2012 where 98% was noted with the five-year average at 89% for the same time period.
While the rate of silking has increased steadily, the overall health of the corn crop has remained relatively the same with the crop being rated as 3% very poor, 8% poor, 25% fair, 46% good and 18% excellent. The only difference from the week prior was that the category of fair decreased one point and crops listed as excellent increased by one point.
For soybeans, the rate of blooming increased by 14 percentage points to a level of 79% versus 93% in 2012 and a five-year average of 85%. Soybean crop conditions were listed at 2% very poor, 7% poor, 27% fair, 51% good and 13% excellent. The category of fair declined one point, while those crops listed as good climbed one point.
The USDA reports 39% of soybeans have begun setting pods versus 69% in 2012 and five-year average of 51%.
Evaluating the latest numbers and crop progress, analysts feel that it will be viewed as neutral for both corn and soybeans as commodity traders will be keeping their eyes on weather issues, namely to rainfall and heat forecasts, and the upcoming release of the USDA’s August World Agricultural Supply and Demand Estimate set for 12 August.
Trading of the two commodities took a back step to open the week during Monday’s session as the September corn future pricing was down 6.6 cents to close at $4.69 per bushel while August soybeans were down 1.2 cents to close at $13.30 per bushel.
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