U.S. corn continues to develop well with USDA on Monday rating 75% of it good to excellent, in line with Farm Futures' forecast but down slightly from last week's 76% while ahead of last year's 63%.
USDA has discontinued listing corn planting progress for this season as most of the crop has been sowed. Emergence reached 92% as of Sunday, up from the 90% average.
Chicago December corn futures are down about 12% since early May as the crop was planted on time and faced no spring- time weather threats. The next concern will be pollination in early July, a time when the crop will be vulnerable to a summertime heat wave.
Soybeans were 87% planted and 71% emerged, ahead of the averages. The crop was rated 74% good to excellent. Farm Futures had forecast 93% planted and 72% good to excellent.
November soybeans have had a less severe decline, closing Monday at $12.24-1/4, down 3.6% from a peak in late May near $12.70.
In Iowa, the leading corn and soybean state, corn was 98% emerged while soybeans were 87% emerged, both were ahead of averages. The state had more rain this past week, putting topsoil moisture at 79% adequate to 10% surplus.
Winter wheat harvest under way
Winter wheat was 9% harvested, with only Arkansas, North Carolina, Texas and Oklahoma reporting harvesting. The crop's ratings were identical to the previous week at 5% excellent, 25% good, 26% fair, 22% poor and 22% very poor.
Wheat in Kansas, Oklahoma and Texas continued to struggle, with Texas wheat rated 63% poor to very poor, Oklahoma 76%, and Kansas 63%.
Soft red winter wheat has fared better with Illinois wheat at 66% good to excellent, Indiana at 70%, and Ohio at 66%.
Overall, 86% of the winter wheat was headed versus the 85% average.
Spring wheat was 95% planted and 80% emerged, versus the averages of 93% and 82%. North Dakota, the top producer, advanced to 93% planted and 70% emerged and 82% of the state's crop was rated good to excellent.
Cotton 89% planted, 8% squaring
Cotton planting increased to 89% to trail the 91% average. Squaring reached 8% versus the 10% average. The crop was rated 50% good to excellent, compared with 42% a year ago.
Oats were 92% emerged and 37% headed, compared with the 94% and 40% averages. Sorghum was 67% planted versus the 71% average. Rice was 93% emerged versus the 92% average and was rated 69% good to excellent, unchanged from the previous week.