| Corn In the latest USDA crop progress report, 90% of US corn has now emerged, still well ahead of average. However, as dry conditions have prevailed, crop condition scores were downgraded, with the percentage of corn rated good and excellent falling two percentage points to 72% G&E. Oilseeds Soybean planting is nearly wrapping up in the US, having reached 90% complete by the end of last week, well ahead of the 79% long term average. 76% of soybeans have now emerged, again well ahead of the 59% long term average. Although US soybean development is well ahead of average, the first crop condition scores for soybeans were below market expectation. At a combined 67% good and excellent, the early condition of soybeans is below the 72% combined good and excellent from last year, conditions in North Dakota being the most concerning. Wheat The pace of US winter wheat development has caught back up with average, as 85% of wheat is now headed and early harvest is now underway, reaching 20% complete in Texas. The condition of winter wheat also improved, up 2 percentage points to 50% good and excellent. While winter wheat ratings improved, spring wheat remains a concern. Falling to 38% good and excellent, the spring wheat ratings fell from 43% good and excellent the week before. What does this mean? With US stocks of grains and oilseeds set to be very tight (see our latest GGO), the USDA crop conditions scores are often used as one of the metrics for yield forecasts. Read the full USDA report here Later this week, the USDA will release the June WASDE, again focusing on potential global supply for 2021/22. |
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Graintab is a trading name of CRM Commodities Ltd (CRM Agri) which delivers independent agricultural commodity market research and advisory services. [www.crmagri.co.uk]
Graintab is a trading name of CRM Commodities Ltd (CRM Agri) which delivers independent agricultural commodity market research and advisory services. [www.crmagri.co.uk]
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- Weekly Oilseed Outlook
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Weekly Grain Report Highlights • Wheat - Data jitters, Ukraine peace talks maintain price pressure • Corn - Market mulls whether it is encouraging too many acres • Crop condition & weather— Dryness expands in top US wheat state
