| Corn and wheat markets have taken a breather today, while oilseeds have continued to push higher. The US corn harvest has continued to march on, reaching 74% complete today, well ahead of the 66% long-term average. The US soybean harvest has reached 79% complete, making limited progress over last week and slipping to two percentage points behind average. Winter wheat planting in the US has also continued to progress well, reaching 87% complete, one percentage point ahead of average. 67% of US winter wheat has now emerged, only slightly behind average. Although winter wheat planting and emergence is encouraging, the condition of winter wheat in the US is starting to cause concern, just 45% of US winter wheat being rated as good and excellent, loosing another point from last week and only 2 percentage points ahead of last year. The percentage of winter wheat being rated at poor and very poor also highlights the concerns, at 21%, this is the largest proportion of winter wheat rated this poor on record at the end of October. In Russia and sowing of winter crops has reached 18Mha, 0.8Mha shy of the 18.8Mha planted by the 2nd of November in 2020. |
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