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USDA'S GOOD TO EXCELLENT RATING OF CROPS IS THE LOWEST SINCE 2012
Sep. 6, 2023
by Keith Good, University of Illinois' Farmdoc project
Reuters News reported today that, "Chicago soybean futures rose on Wednesday, recouping the last session's losses, after a weekly U.S. report showed that crop conditions had deteriorated more than expected due to high temperatures."
2023 Crop Progress and Conditions. Charts and Maps. USDA- National Agricultural Statistics Service (September 5, 2023).
The Reuters article stated that, "The U.S. Department of Agriculture (USDA), in a weekly crop progress report, rated 53% of the U.S. soybean crop as good to excellent, down 5% from a week ago and below the 55% expected on average by 11 analysts surveyed by Reuters.
2023 Crop Progress and Conditions. Charts and Maps. USDA- National Agricultural Statistics Service (September 5, 2023).
"The USDA rated 53% of the U.S. corn crop as good to excellent, down 3% from last week and beneath analysts' expectations of 54%.
"The good-to-excellent ratings for both crops are the lowest for this time of year since 2012, a historic drought year. They have renewed concerns about yields, particularly for soybeans, which are at a critical phase of development."
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