April 4, 2023

 

Only 28% of US wheat in good condition, corn 2% planted

 

The US Department of Agriculture's (USDA) first weekly crop progress report of the 2023 showed only 28% of US winter wheat are in good to excellent condition, the lowest since 1989, as drought conditions remain in key areas of the Plains wheat belt, Nasdaq reported.

 

This was below most analysts' expectations, who expected the US government to rate 31% of the crop as good to excellent on average. The estimates ranged between 25% to 36%.

 

Previously, 30% of the winter wheat was rated good to excellent during the 13th week of the calendar year in 2022.

 

According to a separate report released by the USDA last week, as of March 28, roughly 48% of US winter wheat was grown in a drought-stricken region, down from 69% at the start of the year and 51% the week prior.

 

The recent weekly Drought Monitor report showed that drought is still primarily present in southwest Kansas, the Texas and Oklahoma panhandles, and other important winter wheat production regions.

 

US winter wheat planted last fall will primarily be harvested in June and July.

 

Farmers are beginning to plant spring crops in the meantime. The USDA reported that by Sunday, 2% of the US corn crop had been planted, which was in line with both the five-year average and the average analyst estimate.

 

Texas had the most advanced planting, whereas core Midwest corn states like Illinois and Iowa have not yet started seeding.

 

The USDA did not release data on spring wheat planting progress, but stated that it anticipated publishing those starting with its upcoming weekly report on April 10. Spring wheat planting was estimated by analysts to be 2% complete on average, with estimates ranging from 0% to 3%.

 

-      Nasdaq