CHICAGO: The US Department of Agriculture will likely show a decline in condition ratings for US corn and soybean crops following a lack of rain in portions of the Midwest last week, a Reuters poll of 10 analysts showed on Monday.
The USDA in its weekly crop progress and conditions report due at 3 p.m. CDT (2000 GMT) is expected to show corn ratings at 75 percent good to excellent and soybeans at 70 percent good to excellent, each down 1 percentage point from last week, according to average analyst estimates.
Analysts will also be watching the pace of corn and soybean development. The USDA said 13 percent of the US corn crop had reached the "dough" stage as of July 24, matching the five-year average. For soybeans, 35 percent of the crop was setting pods by July 24, ahead of the five-year average of 26 percent.
Analysts expect the government to rate 68 percent of the US spring wheat crop as good to excellent, unchanged from a week earlier.
They predicted the winter wheat harvest would advance to 90 percent complete, up from 83 percent in the previous week.
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