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By Julie Ingwersen
CHICAGO, Aug 15 (Reuters) – The U.S. Department of Agriculture (USDA) rated 57% of the national corn crop in good to excellent condition in its weekly progress report, down 1 percentage point from the previous week but just above analyst estimates.
Eleven analysts surveyed by Reuters on average had expected corn ratings to fall to 56% good-to-excellent following dry conditions in portions of the Midwest.
In a report released on Monday, the USDA also rated 58% of the soybean crop as good to excellent, down from 59% the previous week and matching trade expectations.
Stressful weather during August can threaten the yield potential of corn and soybeans in the United States, the world’s biggest corn supplier and the No. 2 soybean exporter after Brazil. August is a particularly important month for soybean development, when much of the crop is setting pods.
Some 28% of U.S. corn production and 24% of soybean production was within an area experiencing drought as of Aug. 9, the USDA said separately, mostly in areas west of the Mississippi River.
Farther south, 66% of the U.S. cotton crop is located in an area experiencing drought, a factor that was reflected in the USDA’s latest cotton condition ratings. The government on Monday rated 34% of the cotton crop as good to excellent, up from 31% a week earlier but still the lowest rating for the 32nd week of the calendar year since 2011.
Ratings held steady for U.S. spring wheat, grown mostly in the northern Plains. The USDA rated 64% of the crop as good to excellent, unchanged from the previous week, while analysts on average had a decline of 1 percentage point.
The spring wheat harvest was 16% complete by Sunday, the USDA said, up from 9% a week earlier but lagging the average analyst estimate of 22% and the five-year average of 35%.
The U.S. winter wheat harvest was 90% complete, behind the average analyst estimate of 92% and the five-year average of 94%. US/WHE
All figures in percent:
Category
Analyst average
Analyst range
USDA last week
USDA this week
Corn condition*
56
55-57
58
57
Soybeans condition*
58
57-58
59
58
Spring wheat condition*
63
62-66
64
64
Spring wheat harvested (percent)
22
17-28
9
16
Winter wheat harvested (percent)
92
90-95
86
90
*Percent good/excellent
(Reporting by Julie Ingwersen; Editing by Lisa Shumaker and Sam Holmes)
((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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