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Tuesday, June 28, 2016

Latest USDA Crop Progess Report

OMAHA (DTN) -- Six percent of the nation's corn was silking and 9% of the soybeans were blooming as of June 26, according to the USDA Crop Progress report released Monday.
Corn silking progress was 1 percentage point ahead of the average and 3 percentage points ahead of last year. Corn condition worsened just slightly to 5% poor to very poor, compared to 4% last week. The good-to-excellent category remained steady at 75%.
"USDA said 75% of the corn crop was rated good to excellent, resulting in a one-point drop in the DTN Corn Condition Index to 180," said DTN Analyst Todd Hultman. "DTN's index was up from 164 a year ago and is above the five-year average of 161. Monday's report is bearish for corn."
Soybean blooming at 9% is 2 percentage points ahead of last year and the five-year average, both at 7%. Soybean conditions worsened slightly to 72% good to excellent, compared to 73% last week.
"USDA said 72% of soybeans were rated good to excellent, resulting in a 1-point drop in the DTN Soybean Condition Index to 173," Hultman said. "DTN's index is up from 154 a year ago and is also above the five-year average of 155. Monday's report is bearish for soybeans."
Winter wheat is 45% harvested, compared to 25% last week, 33% last year and 41% on average. Winter wheat condition improved slightly to 62% good to excellent compared to 61% last week.
"USDA said that 62% of winter wheat was rated good-to-excellent, resulting in a 3-point increase in the DTN Winter Wheat Condition Index to 156," Hultman said. "DTN's index is up from 95 a year ago and well above the five-year average of 63. Monday's report is bearish for winter wheat."
Spring wheat is 56% headed, compared to 28% last week, 42% last year and a 27% average. Spring wheat condition declined to 72% good to excellent, compared to 76% last week.
"Seventy-two percent of spring wheat was rated good-to-excellent, resulting in an 8-point drop in the DTN Spring Wheat Condition Index to 171," Hultman said. "DTN's index is down from 174 a year ago and is below the five-year average of 174. Monday's report is neutral for spring wheat."