Corn and soybean conditions in the US improved after beneficial rains this past weekend. The USDA's Crop Progress report released on weekend showed that corn was rated 57% good to excellent, up 2 percentage points from the previous week. Soybeans were rated 54% good to excellent, up 2 percentage points from last week.
The rains were especially beneficial in Illinois and Iowa, where corn and soybean conditions are now rated 58% and 59% good to excellent, respectively.
The improved conditions are expected to continue in the coming weeks, as forecasters are predicting more rain for the Midwest. This is good news for farmers, as it will help to improve crop yields.
However, the improved conditions are also weighing on corn and soybean prices. Traders are concerned that the abundant supply of corn and soybeans will lead to lower prices.
China, the world's top soybean buyer, imported 9.73 million metric tons of soybeans in July, up 23.5% from a year ago. This is a positive sign for the global soybean market, as it shows that demand for soybeans remains strong.
US grain export inspections dropped back for the week ended August 3. Corn export inspections totaled 376,623 metric tons, soybean inspections totaled 281,857 tons, and wheat inspections totaled 275,067 tons. This is a sign that demand for US grains may be slowing.
Photo Credit: getty-images-elhenyo
Categories: Illinois, Crops, Corn, Soybeans