* WHAT: USDA Weekly Crop Progress report
* WHEN: Monday 1600 EDT (2000 GMT)
* Analysts see U.S. corn rated 76 pct good/excellent
* Analysts see soybeans rated 71 pct good/excellent
CHICAGO, June 21 (Reuters) – Rainy weather around the U.S. Midwest last
eek was expected to cause the U.S. Agriculture Department to slightly
ower its condition ratings estimate of the corn and soybean crops.
The U.S. Agriculture Department’s weekly crop ratings report was
xpected to show 76 percent of corn was in good to excellent condition, off
percentage point from a week ago, according to a Reuters poll of 8 market
nalysts.
The soybean crop was seen at 71 percent good to excellent, down from 73
ercent last week.
Both corn and soybean planting were virtually complete, but the
ampness was seen as more damaging to the less-mature soy crop, analysts
aid.
A year ago, USDA rated the corn crop 70 percent good to excellent and
oybeans were 67 percent good to excellent.
Estimates for corn ratings ranged from 74 to 78 percent in the good to
xcellent categories, while forecasts for soybean ratings ranged from 70 to
2 percent good to excellent.
Boosted by weak dollar following news China to allow the yuan to float
which led to a surge in the yuan, increasing China’s purchasing power.
Soaring equities also supportive and excessive wet weather in the Canadian
Prairies that was trimming wheat production prospects also supportive.
Boosted by weak dollar following news China to allow the yuan to float
which led to a surge in the yuan, increasing China’s purchasing power.
Soaring equities also supportive along with a rally in crude oil. Hot and
dry weather in northeast China that was posing a threat to crops also
lending some support.
Support from lower dollar and surging yuan after news over the weekend
China would allow the yuan to float, giving China increased buying power.
Higher crude oil and soaring equities supportive. Support from excessive
wet weather in the Canadian Prairies, hot and dry weather in northeast
China and a turn to hot and dry weather in the U.S. Delta Southeast.