US spring wheat, corn ratings fall unexpectedly; soybean ratings flat
CHICAGO, Aug 21 (Reuters) – The condition of the U.S. spring wheat crop dropped in the latest week, the government said on Monday, as forecasts for hot and dry weather continued in the northern Plains this week.
The stress on the high-protein spring wheat crop could add to concerns about production shortfalls in key growing areas such as Canada and the European Union.
Corn ratings also declined while soybean ratings held steady, according to the U.S. Agriculture Department’s weekly crop progress and conditions report.
The report showed that good-to-excellent ratings for the spring wheat crop dropped 4 percentage points to 38% good to excellent in the week ended Aug. 20.
Analysts had been expecting spring wheat ratings to hold steady at 42% good to excellent, according to the average of estimates given in a Reuters poll.
Corn ratings fell 1 percentage point to 58% good to excellent and soybean ratings were flat at 59% good to excellent.
Trade forecasts had pegged corn ratings at 59% good to excellent and soybean ratings at 60% good to excellent.
USDA said that winter wheat harvest advanced to 96% complete, matching expectations. Spring wheat harvest was 39%complete, 1 percentage point lower than analysts were expecting and behind the five-year average of 46%.
All figures in percent:
Category
Analyst average
Analyst range
USDA last week
USDA
this week
Corn condition ratings*
59
58-61
59
58
Soybean condition ratings*
60
58-62
59
59
Spring wheat condition ratings*
42
40-43
42
38
Spring wheat harvested (%)
40
34-47
24
39
Winter wheat harvested (%)
96
95-98
92
96
*% good/excellent
(Reporting by Mark Weinraub; Editing by Chris Reese and Cynthia Osterman)
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