USDA Weekly Crop Progress - Drops in Corn, Soybean, Spring Wheat Conditions Seen as Bullish

OMAHA (DTN) -- Corn, soybean and spring wheat conditions all declined last week, according to USDA's weekly Crop Progress report released Monday.

Corn condition dropped to 65% good to excellent last week, down 3 percentage points from 68% the previous week. Silking was behind normal with 19% of the crop silking as of Sunday, down from 30% a year ago and down from the five-year average of 27%.

"This week's 65% good-to-excellent rating resulted in a DTN Corn Condition Index of 155, down 8 points from last week. DTN's index is down from 183 a year ago and is still the lowest value in four years. Monday's report is bullish for corn," said DTN Analyst Todd Hultman.

USDA also reported a drop in soybean conditions, from 64% good to excellent the previous week to 62% last week. Thirty-four percent of soybeans were blooming, down from 37% a year ago, but above the five-year average of 32%. Seven percent of soybeans were setting pods, which was up from 6% a year ago and above the five-year average of 5%.

"Soybeans' 62% good-to-excellent rating resulted in a DTN Soybean Condition Index of 147, which is down 7 points from last week," Hultman said. "The index is down from 172 a year ago and is also lowest value of the past four years. Monday's report is bullish for soybeans."

Spring wheat conditions also continued to decline with just 35% of the crop rated as good to excellent last week, down 2 percentage points from the previous week's 37%. This week's report showed 79% of spring wheat was headed, down from 89% a year ago, but above the five-year average of 74%.

"Spring wheat's 35% good-to-excellent rating resulted in a DTN Spring Wheat Condition Index of 44, down 21 points from a week ago. The index is down from 164 a year ago and is still the lowest since 1988. Monday's report remains bullish for spring wheat," Hultman said.

In other crop reports, cotton squaring was 61% as of Sunday, near the average of 60%, and cotton setting bolls was 19%, slightly ahead of the average of 17%. Rice was 22% headed, slightly behind the five-year average of 23%.

Sorghum headed was 28%, near the average pace of 27%, and sorghum coloring was 18%, also near the average pace of 17%. Barley headed was 72%, behind the average pace of 78%. Oats were 93% headed, near the average pace of 92%, and 10% of oats were harvested as of Sunday, behind the average of 13%.

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