USDA winter wheat ratings decline; corn, soy harvests wind down
The U.S. Department of Agriculture (USDA) on Monday rated 47% of the U.S. winter wheat crop in good-to-excellent condition, down three percentage points from the previous week but still the highest for this time of year since 2019.
Improved production prospects in the world’s No. 4 wheat exporter could ease concerns about tightening global grain supplies. However, dry conditions remain a worry in portions of the U.S., including Kansas, the top winter wheat producer. The U.S. crop’s potential will be highly dependent on springtime weather.
The USDA’s winter ratings fell below a range of estimates from 10 analysts, from 48% to 52% good-to-excellent. Winter wheat planting was 93% complete, the USDA reported, behind the analyst estimate of 95% but matching the five-year average. US/WHE
The USDA rated 31% of the Kansas wheat crop and 49% of the Oklahoma crop as good to excellent, both unchanged from last week, while good-to-excellent ratings fell in Montana, South Dakota, Nebraska, as well as Washington state and Oregon.
The share of U.S. winter wheat production located in a drought area stood at 42% as of Nov. 7, unchanged from the previous week but down significantly from 74% a year earlier, the USDA said last week.
Meanwhile, the U.S. harvest of soybeans and corn is winding down. The corn harvest was 88% complete by Sunday, below the average analyst estimate of 90% but ahead of the five-year average pace of 86%. Similarly the soybean harvest was 95% done, behind the average estimate of 96% but ahead of the five-year average of 91%.
The U.S. is the world’s second-largest corn and soybean exporter after Brazil.
