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Thursday, July 6, 2017

Soybean and spring wheat conditions continued to decline last week, while corn conditions rose slightly from the previous week

(DTN) -- Soybean and spring wheat conditions continued to decline last week, while corn conditions rose slightly from the previous week, according to USDA's weekly Crop Progress report released Wednesday. The report was delayed due to the Independence Day holiday on Tuesday.Spring wheat's good-to-excellent condition rating dropped another 3 percentage points last week to 37% from the previous week's rating of 40% good to excellent. That resulted in a DTN Spring Wheat Condition Index of 65, down 16 points from the previous week ago. "The index is down from 169 a year ago and is still the lowest since 1988," said DTN Analyst Todd Hultman. "Wednesday's report remains bullish for spring wheat."The U.S. soybean crop also saw conditions decline from 66% good to excellent the previous week to 64% last week. That resulted in a DTN Soybean Condition Index of 154, which is down 4 points from the previous week. "The index is down from 167 a year ago and matches the lowest value of the past four years. Wednesday's report is neutral to bullish for soybeans," Hultman said.Meanwhile, corn conditions improved just slightly from 67% good to excellent the previous week to 68% good to excellent last week. That resulted in a DTN Corn Condition Index of 163, up 2 points from the previous week. "DTN's index is down from 180 a year ago and is still the lowest value in four years. Wednesday's report is neutral for corn," Hultman said.USDA also reported Wednesday that 53% of winter wheat had been harvested as of Sunday, July 2, down from 56% a year ago and slightly below the five-year average of 54%. Forty-eight of the winter wheat crop was rated in good-to-excellent condition, resulting in a DTN Winter Wheat Condition Index of 118, down 4 points from a week ago. "DTN's index is down from 156 a year ago, but above the four-year average of 76. Wednesday's harvest progress and new crop rating is neutral to bullish for winter wheat," Hultman said.In other crop reports, cotton squaring was 45% as of Sunday, July 2, near the average of 44%, and cotton setting bolls was 13%, ahead of the average of 10%. Rice was 14% headed, slightly behind the five-year average of 16%.Sorghum headed was 25%, near the average pace of 24%. Barley headed was 51%, behind the average pace of 57%. Oats were 85% headed, near the average pace of 84%.