US soybean and corn crop conditions have stabilised over the past week. 62% of the soybean crop was rated good or excellent in the week to 17 July, flat WoW but down 11 points on conditions at the same time last year. The corn crop meanwhile was rated 71% good or excellent over the same period, also flat WoW but with a 2% hike in the size of the crop rated “good” and a same-sized reduction in the size of the crop rated “excellent”.
A year-ago just 66% of the corn crop was rated in the top two categories. US soybean farmers have suffered the most after heavy June rains slashed 11 points from pre-harvest conditions. By contrast, US corn has suffered just a 5 point reduction in the size of the crop rated good or excellent since the start of June.
The percentages of the soybean crop blooming and setting pods are exactly in line with 10-year average levels, although both ratings are 1 point behind their progress at the same time last year.
Weather forecasts are calling for the US corn and soybelts to both see below average rainfall and temperatures over the next ten days.