November 23, 2024 | 12:49 GMT +7

  • Click to copy
Wednesday- 09:55, 07/07/2021

USDA crop progress: Soybean quality tilts lower

(VAN) The latest USDA crop progress report was delayed a day due to the federal observance of Independence Day on Monday.
Corn quality holds steady for week ending July 4

Corn quality holds steady for week ending July 4

Was this week’s report worth the extra wait? Arguably not – there weren’t many significant surprises that will move the needle on grain prices very much in either direction. Corn quality held steady, with soybean quality facing a one-point dip. The biggest shocker was spring wheat conditions, which suffered another four-point drop from a week ago.

Corn quality remained largely steady, with 64% rated in good-to-excellent condition through Sunday, mirroring analyst expectations. However, 27% of the crop is rated fair (down a point from last week), with the remaining 9% rated poor or very poor (up a point from last week). State-by-state variability is still considerable, ranging from Ohio (85% rated G/E) down to South Dakota (24% rated G/E).

Physiologically, 10% of the crop has reached the silking stage, up from 4% a week ago and slightly ahead of 2020’s pace of 9% but down from the prior five-year average of 14%.

Soybean quality dropped a point, with 59% of the crop now rated in good-to-excellent condition. Analysts were expecting USDA to leave ratings unchanged, in contrast. Another 30% of the crop is rated fair (down a point from last week), with the remaining 11% rated poor or very poor (up two points from last week).

Physiologically, 29% of the crop is blooming, up from the prior weeks’ mark of 14% and moving along moderately faster than the prior five-year average of 24%. And 3% is setting pods, which is identical to the prior five-year average.

Winter wheat also dropped a point lower, with 47% rated in good-to-excellent condition. Analysts were expecting USDA to leave quality ratings unchanged. Another 30% is rated fair (down a point from a week ago), with the remaining 23% rated poor or very poor (up two points from last week).

Harvest continues to see some forward momentum, moving from 33% completion a week ago up to 45% through Sunday. That’s a more sluggish pace than 54% in 2020 and the prior five-year average of 53%. Three of the top 18 production states – Michigan, Montana and Washington – haven’t made any measurable harvest progress yet, according to USDA.

Analysts expected to see another one-point drop for spring wheat ratings, but USDA trimmed ratings four points lower, with just 16% of the crop now rated in good-to-excellent condition. Another 34% is rated fair (down seven points from last week), with the remaining 40% rated poor or very poor (up 11 points from last week).

Physiologically, 69% of the crop is headed, up from 48% a week ago and faster than both 2020’s pace of 59% and the prior five-year average of 62%.

Tr.D

(USDA)

Gaza food production ‘decimated’ with 70% of farmland hit

Gaza food production ‘decimated’ with 70% of farmland hit

(VAN) Israeli attacks have destroyed huge areas of land used for crops, with 90% of cattle killed, analysis shows.

Improving safety at sea at a time of climate change

Improving safety at sea at a time of climate change

(VAN) Interview with Manuel Barange, Director of FAO’s Fisheries and Aquaculture Division.

British farmers warn of bitter harvest

British farmers warn of bitter harvest

(VAN) Finances, politics and a cultural divide push the agriculture sector to the brink and stir up anger.

Small farms key to taking on hunger

Small farms key to taking on hunger

(VAN) Modest operations account for more than 90% of global food producers.

What the farmers' protest tells us about their argument with the government

What the farmers' protest tells us about their argument with the government

(VAN) The farmers' demonstration was best summed up in two images: real tractors being driven by farmers around Parliament Square, and beside them a collection of toy tractors being peddled around by their children.

FAO urges all its Members and partners to join the Global Alliance against Hunger and Poverty

FAO urges all its Members and partners to join the Global Alliance against Hunger and Poverty

(VAN) G20’s initiative is officially launched in Brazil. FAO will host the Global Alliance’s Support Mechanism.

COP29 showcases China’s progress in green transition

COP29 showcases China’s progress in green transition

(VAN) China has provided and mobilized more than 177 billion yuan of project funds since 2016 in support of other developing countries' climate response, the Xinhua News Agency reported.

Read more