US corn crop finishes silking, soybean blooming reaches 95%

18 August 2014 23:23 Source:ICIS News

HOUSTON (ICIS)--The nation’s crops are marching quickly maturing as the silking phase has been completed for corn and soybeans are now 95% blooming, according to Monday’s release of the US Department of Agriculture’s (USDA) Weekly Crop progress report.

In terms of crop conditions for corn, the agency only changed ratings for those crops listed as ‘poor’, increasing that category by one point to a level of 6%, while decreasing by one point, to 51%, those crops viewed as ‘good’.

US crops will face a mix of rainfall and hotter temperatures over this coming week. However, weather patterns should overall be positive for finishing off corn growth and promoting soybean filling.

The latest update has analysts predicting the market will continue to hold a neutral to bearish sentiment for corn as growth and field conditions are viewed as overall favourable. For its part, the market ended the first trading of the week on a slight down note as the September corn futures fell 5 cents to end the day at $3.61 a bushel.

The USDA said soybean blooming has climbed by three points to a level of 95%, which remains ahead of 2013’s level of 91% and equals the agency’s five-year average.

The weekly update made slight changes to crop conditions as it decreased soybeans viewed as ‘very poor’ by one point to 1%, and increased those rated as ‘good’ by one point to 54%.

As far as setting pods, the USDA said that 83% of the crop is in that stage, an increase of 11 points, which remains ahead of the 70% seen in 2013 and the five-year average of 79%.

Viewing the update on soybeans, analysts are expecting a bearish sentiment to dominate as crop conditions have firmed up and are considered very positive for this point in the season.

For its part the market started the week in a positive direction as the September soybean contract rose 13 cents to close at $11.15 per bushel.

By Mark Milam