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USDA Corn Development Stays Ahead of Normal
27.07.2010 13:29 "Agro Perspectiva" (Kyiv) —
The condition of the U.S. corn crop held steady this past week, as expected, although development still remains ahead of average.
According to today’s USDA crop progress report, 72% of the nationwide corn crop was in good to excellent condition as of Sunday. That was in line with last week and now two percentage points ahead of last year. There was a minor shift in the breakdown of good vs. excellent, with 23% of the crop now rated "excellent’ compared to 21% one week ago.
In the key state of Iowa, the condition of the crop moved up 1 point to 70% good to excellent as of Sunday, while the Indiana crop held steady at 62%. Several other important states went the other way, with Illinois moving down 2 points to 65% good to excellent. At 79% good to excellent, the Michigan crop eased 1 point from the previous week. Ohio fell 3 points to 61%.
Across the country, 84% of the corn crop was silking as of Sunday, up from 65% the previous week and well ahead of both last year and average at 52% and 70%, respectively. Seventeen percent of the crop had reached the dough stage versus 7% last year and 13% on average.
Looking ahead, no widespread weather threat is imminent. The Midwest got heavy rains last week and into the weekend. This caused some localized flooding but also served to recharge soil moisture levels for developing crops. The 6–10 day forecast is free of severe heat, and contains some additional patchy rain.
Exports take a back seat to weather this time of year but the bulls didn’t getting any fodder there today either. This week’s export inspections for corn were 24.2 million bu, down 2.6 million bu from last week. Inspections need to average just 15.4 million bu each week to reach the USDA’s export projection for 2009–10.
When the dust had settled, September corn was down 7 1/4 cents at US$3.64, and December had lost 16 1/2 at $3.78.
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