The U.S. Department of Agriculture on Monday
32% of the U.S. winter wheat crop in good to excellent
condition, up 2 percentage points from the previous week and
above an average of analyst expectations for a 1-point
Still, the ratings are down significantly from this time
a year ago, when 46% of the winter wheat crop was rated good to
Wheat farmers in the southern Plains remain in the grip
of a drought, exacerbated by a third straight year of the La
Nina weather phenomenon. The USDA said last week that 74% of the
U.S. winter wheat production area was experiencing drought as of
Nov. 8, unchanged from a week earlier.
Cold temperatures expected this week in the Plains and
Midwest should help push the wheat crop into dormancy, limiting
its moisture needs until growth resumes in the spring.
Nonetheless, the poor ratings come at a time when U.S. wheat
supplies are already tight. The USDA has projected that domestic
wheat stocks will drop to 571 million bushels by the end of the
2022/23 marketing year, a 15-year low.
The U.S. harvest of corn and soybeans is nearly
complete. The USDA said the soybean harvest was 96% finished,
just behind the average analyst estimate of 97% but ahead of the
five-year average of 91%. For corn, the harvest was 93%
complete, matching trade expectations and ahead of the five-year
average of 85%.
The United States is the world’s largest corn exporter
and the No. 2 supplier of soybeans after Brazil.
All figures in percent:
Category Analyst Analyst USDA
average range last
Corn harvested (percent) 93 92-94 87
Soybeans harvested (percent) 97 96-98 94
Winter wheat planted (percent) 96 94-98 92
Winter wheat conditions* 31 29-35 30
(Reporting by Julie Ingwersen; Editing by David Gregorio)