Corn maturing level in the US hits 10-year low

As of October 6th, corn crop progress in the US reached 15% of the total areas under the crop in the 2019/20 season, the USDA report reads.

At the same time, corn in the US is mature on 58% of the area, which is almost half as much as last year (98%) and 68 p.p. less on average over 5 years.

Karen Braun, Global Agriculture Columnist at Thomson Reuters, writes on Twitter that in the current year corn matures at the lowest rate.

"At 58%, this year's U.S. corn crop is the slowest-maturing on record as of Oct. 6. In the past week, 2019 slid behind 2009, which was 62% mature on the same date. Last week they were both tied at 43%," she comments.

Under the USDA report, crops condition in the reporting period was as followed:

• excellent — 11% vs. 21% last year;
• good — 45% vs. 47%;
• fair — 29% vs. 20%;
• poor — 11% vs. 8%;
• very poor — 4% (equals the previous year's indicator).

Doubts about US yield levels were strengthening last week and the announcement of a cold snap on the north of the Corn Belt for the end of this week animated the market.