USDA Weekly Crop Progress - Improving Conditions Seen as Slightly Bearish for Corn

OMAHA (DTN) -- Corn planting and emergence were both slightly behind the five-year average while the overall condition of the crop improved from the previous week, according to USDA's weekly Crop Progress report released Monday.

This week's report showed 96% of U.S. corn planted, down from 97% a year ago and down from the five-year average of 97%. USDA also said 86% of U.S. corn was emerged, down from 88% a year ago and down slightly from the five-year average of 87% emerged.

Sixty-eight percent of the corn crop was rated in good-to-excellent condition, up 3 percentage points from the previous week's 65% good-to-excellent rating. That resulted in a DTN Corn Condition Index of 165, up 7 points from the previous week. The index is down from 180 a year ago and below the four-year low of 174. "Monday's report is slightly bearish for corn," said DTN Analyst Todd Hultman.

Soybean planting, on the other hand, was ahead of the average pace with USDA estimating 83% of U.S. soybeans planted as of Sunday, June 4, up from 82% a year ago and above the five-year average of 79%. However, emergence was slightly behind normal with USDA estimating 58% of the crop emerged, down from 62% a year ago and down from the five-year average of 59%. "Monday's report is neutral for soybeans," Hultman said.

Meanwhile, USDA reported 87% of winter wheat is headed, down from 90% a year ago, but up from the five-year average of 85% headed. Ten percent of winter wheat has already been harvested, up from the five-year average of 7% with Texas showing 58% completion.

Forty-nine percent of the winter wheat crop was rated in good-to-excellent condition, resulting in a DTN Winter Wheat Condition Index of 122, down 3 points from a week ago. DTN's index is down from 154 a year ago, but above the four-year average of 78. "Monday's new crop rating is slightly bullish for winter wheat," Hultman said.

USDA estimated that 90% of spring wheat was emerged, down from 95% a year ago, but up from the five-year average of 85%. Fifty-five percent of spring wheat was rated in good-to-excellent condition, resulting in a DTN Spring Wheat Condition Index of 137, down 21 points from a week ago. The index is down from 186 a year ago and also below the four-year average of 171. "Monday's report is bullish for spring wheat and also showed 32% of winter wheat in South Dakota rated poor to very poor," Hultman said.

In other crop reports, cotton was 80% planted, equal to the five-year average. Cotton squaring was 11% compared to the average of 7%. Rice was 87% emerged, compared to 92% on average.

Sorghum was 55% planted, behind the five-year average of 60%. Barley was 99% planted and 84% emerged, compared to 96% and 87% on average. Oats were 96% emerged and 35% headed, compared to 94% and 38% on average.

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