Home Business U.S. wheat ratings improve; corn, soy harvests nearly done -USDA

U.S. wheat ratings improve; corn, soy harvests nearly done -USDA

3 min read
Comments Off on U.S. wheat ratings improve; corn, soy harvests nearly done -USDA
0
33


Article content

CHICAGO —

The U.S. Department of Agriculture on Monday

Article content

rated

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

improvement.

Still, the ratings are down significantly from this time

a year ago, when 46% of the winter wheat crop was rated good to

excellent.

Wheat farmers in the southern Plains remain in the grip

of a drought, exacerbated by a third straight year of the La

Article content

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

week USDA

this

week

Corn harvested (percent) 93 92-94 87

93

Soybeans harvested (percent) 97 96-98 94

96

Winter wheat planted (percent) 96 94-98 92

96

Winter wheat conditions* 31 29-35 30

32

*Percent good/excellent

(Reporting by Julie Ingwersen; Editing by David Gregorio)



Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

Premiere

Harrison Ford and Warner Bros. Television Group Chairman Channing Dungey attended the “Shr…