Unexpected Decline in U.S. Corn Condition

The condition of the U.S. corn crop took an unexpected turn for the worse this past week, while crop development took just a small step forward.

Monday’s USDA crop progress report pegged the nationwide corn crop at 55% good to excellent as of Sunday, down 3 points from a week earlier and 13 points below a year earlier. Heading into today’s report, most traders and analysts were expecting the condition of the crop to hold steady.

One of the biggest state-by-state declines was seen in Illinois, where the condition of the crop dropped to just 38% good to excellent from 46% a week earlier. On the other hand, the condition of the Indiana crop held steady at 33% good to excellent and Iowa was up 1 point at 63%. The Michigan crop dropped 4 points on the week to 41% good to excellent and Ohio slipped 1 point to 33%.

Meanwhile, just 11% of the national corn crop had reached maturity as of Sunday, up a modest 5 points from the previous week and far behind 33% last year and 24% on average.

Maturity advanced 6 points on the week to 8% in Illinois, behind 53% last year and 35% on average. Iowa maturity gained 3 points to 4%, versus 26% last year and 17% on average, and Indiana was 8% mature, up from 1% a week earlier and behind 38% last year and 26% on average. An estimated 4% of the Ohio crop was mature, up 3 points from a week earlier, but behind 24% last year and 17% on average. No crop was yet reported mature in Michigan, versus 12% last year and 8% on average.

Meanwhile, 55% of the U.S. corn crop had reached the dent stage as of Sunday, up from 41% the previous week but 29 points behind last year and 22 points behind average. An estimated 89% of the crop had reached the dough stage, versus 97% on average.

Source: DePutter Publishing Ltd.

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