USDA Weekly Crop Progress Report Neutral for Corn, Soybeans; Bearish Wheat

25.10.2016

As of Oct. 23, more than half the U.S. corn crop was harvested and just over three-quarters of the soybeans had been cut, according to USDA’s latest Crop Progress report released Monday.

The nation’s corn crop is 61% harvested, compared to 46% last week, 70% last year and a 62% average. “Monday’s report is neutral for corn,” said DTN Analyst Todd Hultman.

Seventy-six percent of the soybeans are harvested, compared to 62% last week, 84% last year and a 76% average. “Monday’s report is neutral for soybeans,” Hultman said.

Winter wheat planting is 79% complete, compared to 72% last week, 81% last year and an 82% average. Winter wheat is 60% emerged, compared to 47% last week, 58% last year and a 58% average.

Winter wheat condition was rated for the first time this fall at 59% good to excellent, which compares to 47% last year.

“These initial ratings resulted in DTN Winter Wheat Condition Index of 155, up from 126 a year ago and up from the five-year average of 134,” Hultman said. “Monday’s report is bearish for winter wheat.”

Ninety-three percent of cotton had bolls opening, compared to 89% last week, 95% last year and a 92% average. Cotton harvested was reported at 39% compared to 30% last week, 39% last year and a 37% average. Cotton condition worsened slightly to 48% good to excellent, compared to 47% last week.

Ninety-seven percent of the rice crop was harvested, compared to 93% last week, 97% last year and a 92% average.

Sorghum harvest was 67% complete, compared to 57% last week, 68% last year and a 58% average.


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