Tuesday, August 27, 2019

USDA Weekly Crop Progress Report: "Corn, Soybean Condition Ratings Up; Development Still Behind Normal"

Not what farmers (or longs) wanted to see.
Good condition means higher yields means lower prices (for those who got a crop in the ground)
From DTN Progressive Farmer
This article was originally posted at 3:03 p.m. CDT on Monday, Aug. 26. It was last updated at 4:00 p.m. CDT on Monday, Aug. 26.
OMAHA (DTN) -- Corn and soybean conditions improved slightly last week, but remain at a seven-year low, according to the latest USDA NASS Crop Progress report released Monday. Development of both crops also remains well behind normal.

As of Sunday, Aug. 25, the U.S. corn crop was rated 57% in good-to-excellent condition, up 1 percentage point from 56% the previous week. That was in line with what traders were expecting this week, said DTN Senior Analyst Dana Mantini. 

Corn's current condition rating compares to last year's 68% and is the lowest good-to-excellent rating for this time of year in seven years. Major corn-producing states with the worst good-to-excellent ratings are Indiana, Missouri and Ohio, while states with the best good-to-excellent ratings include Tennessee, Nebraska and North Dakota.

Corn development continued to lag behind the average pace last week. Nationwide, corn in the dough stage was estimated at 71%, up 16 percentage points from 55% the previous week but 16 percentage points behind the five-year average of 87%. That was an improvement from last Monday's report when corn in the dough stage was running 21 percentage points behind average.

Corn dented was 27%, behind last year's 59% and 19 percentage points behind the five-year average of 46%. That was further behind normal than in last Monday's report, when corn dented was 15 percentage points behind average....

Two weeks of hourly action, all via FinViz, note corn after the last WASDE report: