US corn rating seen steady at 57pc good/excellent, soy at 53pc

CHICAGO: The US Department of Agriculture (USDA) is expected to rate 57% of the US corn crop in good to excellent condition in its weekly crop progress report, down 1 percentage point from a week ago, according to an average of estimates by 12 analysts surveyed by Reuters on Monday.

Estimates ranged from 54% to 58% good to excellent, with a median of 57%.

The USDA is scheduled to release its report at 3 p.m. CDT (2000 GMT) on Monday.

For soybeans, analysts on average forecast the USDA would rate 53% of the US crop as good to excellent as of Aug. 4, also 1 point lower than the previous week. Estimates on soybean ratings ranged from 51% to 55%, with a median of 54%.

For wheat, analysts on average expected the USDA to rate 72% of the US spring wheat crop as good to excellent, down from 73% last week. They expected the USDA to show the US winter wheat harvest to have advanced 9 percentage points to 84% complete.