May 23, 2023
US wheat ratings improves in the US, corn 81% planted, soy 66%
The US Department of Agriculture's weekly crop progress report showed that 31% of the US winter wheat crop is now rated as good to excellent, marking a 2-percentage point increase from the previous week and surpassing analysts' average expectations, Nasdaq reported.
But the situation in Kansas, the leading producer of winter wheat in the US, remains challenging. Only 10% of the crop in Kansas received a good to excellent rating, unchanged from the previous week. Additionally, a significant portion of the state's wheat, 69%, was classified as poor to very poor, reflecting a slight increase from 68% in the previous week. The prolonged three-year drought in Kansas has forced farmers in the hardest-hit areas to abandon their crops.
The United States, the world's fifth-largest exporter of wheat, is projected to face a 16-year low in wheat stockpiles by the end of the 2023/24 marketing year, as reported by the USDA.
US corn planting progress is on track, with 81% of the US corn crop already planted as of Sunday. This figure slightly missed the average expectations of analysts but is ahead of the five-year average of 75%. The USDA plans to release the first condition ratings for the 2023 corn crop in next week's progress report.
US soybeans planting progress has reached 66%, meeting trade expectations and surpassing the five-year average of 52%. The USDA has projected a record-large corn and soybean production for the US this year.
As for spring wheat, planting progress has significantly increased to 64%, up from 40% in the previous week. This figure surpassed the average estimate of analysts but still lags behind the five-year average of 73%.