Corn Quality Ratings Take Unexpected Hit Amid Crop Progress Report

Corn quality ratings have taken another hit, dropping 3 points to 57% of the crop now in good-to-excellent condition. Analysts had expected a higher rating, with estimates ranging from 59% to 60%. The remaining 43% of the crop is now rated fair or poor.

Physiologically, 86% of the corn has reached dough stage, ahead of the last five-year average of 82%. Nearly half (45%) of the crop is now dented, up from 29% last week and ahead of the previous five-year average of 41%. And 6% of the crop is now fully mature, mirroring the prior five-year average.

Meanwhile, soybean quality ratings eased a point lower this past week, with 60% of the crop now in good-to-excellent condition. Analysts had expected ratings to hold steady, although individual trade guesses were rangebound after coming in between 60% and 62%. Harvest has now crossed the halfway mark for spring wheat, at 62% completion through Sunday.