CHICAGO: The US Department of Agriculture is expected to rate 56pc of the US corn crop in good to excellent condition in its weekly crop progress report, down one percentage point from a week earlier, according to an average of estimates by 12 analysts surveyed by Reuters on Monday.
Estimates ranged from 54pc to 58pc good to excellent as analysts considered how a warm-up in the Midwest would affect crops.
"Initially, heat increases ratings, then lowers them if it lasts too long," said Sid Love, commodity trading adviser at Kansas-based Sid Love Consulting.
For soybeans, analysts, on average, predicted the USDA would rate 53pc of the US crop as good to excellent, unchanged from a week earlier.
Estimates on soybean ratings ranged from 51pc to 55pc.
The USDA is scheduled to release its report at 3 p.m. CDT (2000 GMT) on Monday.
For wheat, analysts, on average, expected the USDA to rate 78pc of the US spring wheat crop as good to excellent, steady with a week ago.
For winter wheat, analysts expected the USDA to show the harvest as 62pc complete, up from 47pc a week earlier.
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