By Joel Karlin
DTN Contributing Analyst
Earlier this week, USDA surprisingly lowered soybean crop conditions for week 27 of the calendar year (which corresponds to the second week of July) to 62% good or excellent vs 63% last week.
This ran counter to trade expectations of a 1% to 2% improvement in the top two rating categories given good amounts of rain that fell in key soybean producing areas last week.
Using our usual ratings system, we weight the crop based on the percent in each category and assign that category a factor of 2 for very poor, 4 for poor, 6 for fair, 8 for good, and 10 for excellent and then sum the results.