by Emily Garnett, DTN News Intern
Lindsay Calvert, DTN News Intern
OMAHA (DTN) -- The condition of the U.S. corn crop dropped 5 percentage points from the previous week in the good-to-excellent category, according to USDA's latest weekly Crop Progress report.
As of Sunday, 72% of corn was rated in good-to-excellent condition compared to 77% the previous week.
DTN's Corn Condition Index, which is based on USDA's numbers, also dropped to 174 points from last week's 185 points with the good-to-excellent rating falling 5 percentage points and the poor-to-very-poor category increasing by 2 percentage points.
"The DTN Corn Condition Index is closing the gap between 2004 (171 index points) and 2009 (169 index points) in the second reported crop conditions of the growing season," said DTN Analyst John Sanow. "This report could offer the new-crop market some support, as it's a reminder there remains a lot of growing season left to bring in USDA's lofty 166-bushel-per-acre estimate to fruition."
Corn was 92% emerged by the end of the week, compared to last year's emergence of 59%, and the five-year average of 69%.
Meanwhile, the nation's winter wheat farmers got an early jump on harvest this past week, with 9% of the crop harvested as of Sunday. Seventy-two percent of the crop was in fair-to-good condition.
Last year only 2% of winter wheat was harvested nationwide at this time, and the five-year average harvest for the crop is 1%. The crop is 85% headed this week, up from 69% last year and 71% over the past five years.
In the wheat market, "look for commercial hedge pressure to continue to limit rally attempts in coming weeks and amplify losses when noncommercial interest is lacking as was the case during Tuesday's session," Sanow said.
The nation's soybean crop is 89% planted and 61% emerged, far beyond 48% planted and 22% emerged last year and the five-year average of 61% planted and 30% emerged.
"This report should be considered bearish," Sanow said, "although weather forecasts will be paid more attention to than numbers everyone expected."
Spring wheat is 96% emerged, well above 36% last year, and 68% on average.
"The DTN Hard Red Spring Wheat Condition Index jumped 12 index points from last week to 189 points," Sanow said. "This could be viewed as bearish, though not unexpected when trading resumes during the CME Globex session."
Barley is 91% emerged compared to 41% last year and 66% on average.
Sorghum is 63% planted, compared to 42% last year and 43% on average.
Oats are 43% headed, compared to 36% last year and 36% on average. Emergence is 96% compared to 62% last year and 795 on average. Oats headed are at 38% compared to 34% last year and an average of 35%.
The following are highlights from weekly crop progress reports issued Tuesday by National Ag Statistics Service offices in individual states. To view the full reports from each state, visit http://bit.ly/….
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Posted with DTN Permission by Haylie Shipp