US wheat ratings slip while soy and corn meet expectations, USDA says

The U.S. Department of Agriculture (USDA) showed a slip in spring wheat and winter wheat condition ratings on Monday, while corn and soy ratings were in line with analyst average estimates.

In the government’s first soybean condition ratings for 2024, 72% of the oilseed crop was recorded in good to excellent condition, meeting analyst expectations. Estimates ranged from 70% to 75% good-to-excellent. The United States is the No. 2 global exporter of soybeans after Brazil.

A strong soy and corn crop from the United States would further lower prices that have been hovering around three-year lows due to ample supplies and low global demand.

The USDA’s report showed soybean planting as 87% complete by Sunday, up from 78% a week ago but below 89% estimated by analysts.

The USDA reported that 47% of winter wheat was in good-excellent condition, below 49% last week and missing the analyst forecast of 49% in a weekly crop progress report.

The U.S. harvest of winter wheat is expanding. The USDA showed the harvest as 12% complete, on the low end of estimates, which ranged from 10% to 19%.

The report showed 72% of spring wheat in good-to-excellent condition, below analyst expectations of 74% good-to-excellent and two percentage points below the previous week’s ratings.

Spring wheat planting was 98% complete.

The USDA rated 74% of the country’s corn crop in good to excellent condition in its weekly crop progress report, meeting expectations.

The United States is the world’s largest exporter of corn, used primarily for animal feed and ethanol fuel.

Corn planting progress was 95% complete, up from 91% last week and landing in the middle of expectations.

Source: Reuters (Reporting by Heather Schlitz, editing by Deepa Babington)