April 19, 2023

 

USDA says US winter wheat lowest on record, 8% of corn planted

 

The US Department of Agriculture (USDA) said that 27% of winter wheat in the country was in good to excellent condition, unchanged from a week ago and the lowest for this time of year in USDA records since the late 1980s, while corn planting moved ahead of the average pace during an unusually warm week, Nasdaq reported.

 

In USDA records dating back to the late 1980s, good-to-excellent ratings for winter wheat in the 15th week of the calendar year have dropped below 30% only once, in 1996.

 

Tightening global wheat supplies, as well as the conflict between Ukraine and Russia, two major grain exporters, have increased the importance of winter wheat production prospects in the US.

 

US wheat exports are on track to reach a 51-year low in the current marketing year (2022/23), but the country remains the world's fifth-largest supplier of the food grain.

 

The current winter wheat crop in the US is maturing ahead of harvest in June and July.

 

Corn planting was 8% complete, according to the USDA, trailing the average analyst estimate of 10% but ahead of the five-year average of 5% as farmers took advantage of mild weather.

 

Meteorologists said cold temperatures and late-week rains are expected to stymie progress this week.

 

The USDA's first estimate of soybean progress for 2023 showed that planting is 4% complete, which is higher than the average analyst expectation of 2% and the five-year average of 1%.

 

The US government said the spring wheat crop in the US was planted at 3%, trailing both the average analyst estimate of 5% and the five-year average of 7%.

 

-      Nasdaq