12 August 2013 22:53 [Source: ICIS news]
HOUSTON (ICIS)--The US Department of Agriculture (USDA) Weekly Crop progress report released on Monday showed corn silking has reached 94% while the soybean crop is 88% blooming.
Slowed by more rain falling in the Corn Belt region, crop silking gained by 8 percentage points although growth still remains behind 2012 where 100% was noted, with the five-year average at 89% for the same time period.
In terms of overall health of the corn crop, the USDA report left the crop being rated as 3% very poor, 8% poor, 25% fair, 46% good and 18% excellent. Based on the current estimates, analysts feel these numbers will be viewed as neutral.
The report stated that 5% of corn has reached the dent stage, while 32% is in the dough stage, compared with 39% denting and 76% dough in 2012, which is a strong reflection of the delays experienced in the spring plantings.
For soybeans the rate of blooming increased by 9 percentage points to a level of 88% versus 96% in 2012 and a five-year average of 92%.
Soybean crop conditions were listed at 2% very poor, 7% poor, 27% fair, 50% good and 14% excellent. The category rated good declined one point while those crops listed as excellent climbed one point.
The USDA reports 58% of soybeans have begun setting pods versus 81% in 2012 and five-year average of 68%. Evaluating the commodity’s crop progress analysts feel that it will be viewed as neutral to bearish for soybeans.
Trading of the two commodities responded favourable to the release of the USDA’s reports on Monday as the September corn future pricing was up 6.2 cents to close at $4.72/bushel while August soybeans went even higher to end the session up 33 cents to close at $13.74/bushel.
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