Posted on September, 10, 2024 at 07:28 am
USDA’s latest crop progress report, out Monday afternoon and covering the week through September 8, showcased the agency’s first round of corn harvest data for the 2024 season. Traders also mulled over updates to corn and soybean quality ratings. Corn ratings slid a point lower, as expected. Analysts were also expecting to see soybean ratings slide two points lower, while the agency kept them stubbornly steady.
Corn quality ratings shifted one point lower last week, with 64% of the crop now in good-to-excellent condition through September 8. That mirrored analyst expectations. Another 24% of the crop is rated fair (up one point from last week), with the remaining 12% rated poor or very poor (unchanged from last week).
Physiologically, 95% of the crop has reached the dough stage, up from 90% last week and slightly ahead of the prior five-year average of 94%. Nearly three-fourths (74%) is now dented, up from 60% last week and also slightly ahead of the prior five-year average of 73%. And 29% is now fully mature, up from 19% last week and moderately faster than the prior five-year average of 24%. Harvest progress has reached 5%, with just nine of the top 18 production states providing measurable results so far.
Analysts were expecting to see soybean quality ratings decline two points this past week, but USDA made no changes, with 65% of the crop in good-to-excellent condition through Sunday. Another 25% of the crop is rated fair (unchanged from last week), with the remaining 10% rated poor or very poor (also unchanged from last week).
Physiologically, 97% of the crop is now setting pods, up from 94% a week ago and slightly ahead of the prior five-year average of 96%. And 25% of the crop is now dropping leaves, up from 13% a week ago and four points faster than the prior five-year average of 21%.
Spring wheat harvest progress moved from 70% a week ago up to 85% through Sunday. That’s two points faster than both 2023’s pace and the prior five-year average. North Dakota (79%) is furthest from the finish line so far among the top six production states.
Winter wheat plantings for the young 2024/25 season is 6% complete through September 8, up from 2% a week ago and identical to the prior five-year average. Analysts were expecting to see plantings 8% complete in today’s report.
Click here for more data from the latest UDSA crop progress report, including other regional crop information, plus a state-by-state look at topsoil moisture, days suitable for fieldwork and more.
Source: Farm Progress