USDA: U.S. Soybeans Nearly Half Harvested

DES MOINES, Iowa (Agriculture.com)--On Monday, the USDA pegged the U.S. corn crop condition rating as unchanged from a week ago, while soybeans improved.

In its weekly Crop Progress Report, the USDA reported the U.S. corn crop as 68% in good/excellent condition, equal to a week ago. The crop is 86% mature vs. 83% five-year average. Also, the U.S. corn crop is 27% harvested vs. a 32% five-year average.

For soybeans, 42% of the crop has been taken out of the fields vs. a 32% five-year average. Also, 85% of the crop's leaves have dropped vs. an 83% five-year average. The USDA rated the soybean crop as 64% good/excellent vs. 62% a week ago.

Al Kluis, Kluis Commodities, says that the USDA Crop progress report today is neutral for the corn market, negative for soybean prices.

"The corn good/excellent rating was about what I had expected," Kluis says. Soybean conditions were reported at 64% good to excellent, up 2% from last week. This was a little better rating than expected."

Kluis adds, "I expect corn to start out steady tonight. The report is negative for soybean prices. I expect prices to open 1 to 2 cents lower tonight.