Good-to-excellent ratings for US corn and soyabeans were seen falling slightly from a week ago, with conditions deteriorating as the crops dry out and head toward maturity, analysts said on Monday. A Reuters poll forecast US corn ratings as 74 percent good to excellent as of August 3, based on the average of estimates of 10 analysts. Soybean ratings were predicted to be 70 percent good to excellent.
Despite the expected decline, corn ratings would still be at the highest for early August in 10 years. Soybean ratings would equal the conditions of early August 2004. The last time they were higher at this time of year was 1994. Spring wheat ratings were seen at 70 percent good to excellent, unchanged from a week ago. Near-perfect weather since planting ended has kept crop ratings high and weighed on futures prices throughout the summer.
Chicago Board of Trade corn futures have fallen more than 23 percent since USDA issued its first corn condition ratings of the crop year on June 2. Soybean futures have dropped nearly 16 percent since USDA started rating the crop on June 9. Estimates were tightly bunched, ranging from 73 percent to 74 percent for corn, 69 percent to 70 percent for soyabeans and 69 percent to 70 percent for spring wheat.