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CHICAGO, July 11 (Reuters) – Good-to-excellent ratings for U.S. corn, soybean and spring wheat crops each were expected to rise by 1 percentage point, with some much-needed moisture providing a boost to crop health, analysts in a Reuters poll said on Monday.
But hot temperatures continued to stress the crop as it enters its key pollination phase of development, limiting the gains in the ratings.
“We got a little rain across the Corn Belt that will make things look prettier but the heat also has to be taken into consideration,” said Alan Brugler, president of Brugler Marketing.
The U.S. Agriculture Department’s weekly Crop Progress and Conditions report, scheduled to be released at 3 p.m. CDT (2000 GMT) on Monday, was expected to show that 65% of the corn crop was rated good to excellent as of July 10, according to the average of a survey of nine analysts.
Estimates for good-to-excellent ratings ranged from 63% to 67%. Last week, USDA rated the corn crop as 64% good to excellent.
Good-to-excellent ratings for soybeans were seen rising to 64% from 63%, with estimates ranging from 63% to 66%, and for spring wheat to 67% from 66%, with estimates ranging from 66% to 68%.
Analysts also forecast that the report would show that winter wheat harvest advanced 14 percentage points to 68% complete in the past week.
All figures in percent:
Category
Analyst average
Analyst range
USDA last week
Corn condition*
65
63-67
64
Soybeans condition*
64
63-66
63
Spring wheat condition*
67
66-68
66
Winter wheat harvested (percent)
68
64-74
54
*Percent good/excellent
(Reporting by Mark Weinraub in Chicago Editing by Matthew Lewis)
((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.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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