The USDA (United States Department of Agriculture) slightly raised the index of soybean crops in good or excellent condition in its weekly crop monitoring report released this Monday.
For soybeans, the index rose from 59% to 60%, and exceeded market expectations of 58%. A year ago, the number was also 60%. There are still 29% of the courses in regular conditions, as well as 11% classified as bad or very bad.
79% of soybean crops are in the flowering phase, against 64% last week, 85% in 2021 and 80% in the multi-year average. 44% of the fields are in the pod formation stage, while 26% were in the previous week, 56% last year and 51% average.
Regarding corn, the USDA reported 61% of crops in good or excellent condition, against 60% of what was expected by the market, and unchanged from the same period last year. 25% of the fields are classified as regular and 14% as bad or very bad. Last week, these numbers were the same.
Also according to the report, 80% of the crops are in the dolling phase, against 62% last week, 89% in 2021 and 85% on average. 26% are in the grain filling phase, against 13% a week ago, 35% in the past and 31% on average.