U.S. Weekly Crop Conditions Take a Hit, Catching Traders by Surprise
The 2021 Pro Farmer Crop Tour is underway this week, with scouts finding large crops in the Eastern Corn Belt, while the West is showing signs of dryness and more sporadic conditions on fields.
The week-long tour comes as USDA's weekly gauge on crop conditions showed a decline in both soybeans and corn.
The latest USDA Crop Progress report put the corn crop this week at 62% good to excellent, marking a two-point drop from last week. Soybean conditions dropped 3% across the country, now sitting at 57% rated good to excellent.
Multiple states saw conditions ratings decline, including Nebraska and Iowa. The Eastern Corn Belt largely saw conditions continue to improve.
USDA noted wheat harvest is past the half-way mark, with 58% of the spring week crop out of the field. The early harvest comes as old 11% of the crop is rated good to excellent.
