U.S. Corn Crop Deteriorates to 57% Good-to-Excellent Rating

The U.S. corn crop has continued to deteriorate in recent weeks, with only 57% of the crop rated good or excellent as of August 23. This is a decline from 60% the previous week and significantly lower than the 71% reported at the same point last year.

This trend is concerning for farmers, grain traders, and livestock producers, as late-season crop stress can impact final yields and commodity prices. The USDA's Crop Progress report shows that 43% of the corn crop was rated good, while 14% was excellent. In contrast, 26% was fair, 11% poor, and 6% very poor.

Crop development, however, remains ahead of historical benchmarks. According to the USDA, 86% of corn had reached the dough stage by August 23, compared to the five-year average of 82%. Meanwhile, soybeans also weakened to a good-to-excellent rating of 60%, down from 61% the previous week.

In contrast, spring wheat harvest is moving ahead of schedule, with 62% already harvested in the six major producing states. This is 10 percentage points ahead of the five-year average.