19 August 2013 22:31 [Source: ICIS news]
HOUSTON (ICIS)--Inching closer to completion, the nation corn crop has now reached 97% silking while the soybean crop is 92% blooming, according to the US Department of Agriculture (USDA) Weekly Crop progress report released on Monday.
Milder than normal temperatures have been present in the Corn Belt region which has slowed the final phase of silking as the corn crop only gained 3 percentage points. In 2012 the crop had completed the cycle, although the five-year average is at 99% for the same time period.
In terms of overall health of the crop, the USDA noted some slight changes to field conditions as it rates the corn this week as 4% very poor, 9% poor, 26% fair, 44% good and 17% excellent. The category of good declined two points while excellent slipped one point. The poor and very poor categories both increased by one point.
Based on the current estimates, analysts feel these numbers will be viewed by traders as bullish for corn pricing.
The report stated that 11% of corn has reached the dent stage an increased by six points but still far below 2012 when 57% of the crop had reached this growth stage. The USDA reports the five-year average at 30%.
For corn in the dough stage, the report states it is at 52%, an increase of 20 points but also lagging behind 2012 when it was 87%, with a five-year average of 65%.
For soybeans, the rate of blooming increased by 4 percentage points to a level of 92% compared with 98% in 2012 and a five-year average of 96%. Soybean crop conditions were listed at 2% very poor, 8% poor, 28% fair, 48% good and 14% excellent. The category rated good declined two points while those crops listed as poor and fair climbed one point.
The USDA reports 72% of soybeans have begun setting pods versus 90% in 2012 and five-year average of 81%. Evaluating the commodity’s crop progress analysts feel that it will be viewed as moderately bearish for soybeans.
Trading of the two commodities rose sharply on Monday with concerns over the return of hotter and drier weather to the Corn Belt region this week, along with fallout from last week’s bullish USDA supply and demand report dominating the agricultural outlook. The day’s trading session saw September corn higher, up by 19.4 cents to close at $4.93 per bushel while September soybeans increased even further, up by 38.6 cents to close at $13.22 per bushel.
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