August 22, 2023

Decline in US spring wheat crop's condition, according to US government

The condition of the US spring wheat crop dropped in the latest week, the US government said on August 21, as forecasts for hot and dry weather continued in the northern US Plains this week.

The stress on the high-protein spring wheat crop could add to concerns about production shortfalls in key growing areas such as Canada and the European Union.

Corn ratings also declined while soybean ratings held steady, according to the United States Agriculture Department's (USDA) weekly crop progress and conditions report.

The report showed that good-to-excellent ratings for the spring wheat crop dropped four percentage points to 38% good to excellent in the week ended August 20.

Analysts had been expecting spring wheat ratings to hold steady at 42% good to excellent, according to the average of estimates given in a Reuters poll.

Corn ratings fell one percentage point to 58% good to excellent and soybean ratings were flat at 59% good to excellent.

Trade forecasts had pegged corn ratings at 59% good to excellent and soybean ratings at 60% good to excellent.

The USDA said that winter wheat harvest advanced to 96% complete, matching expectations. Spring wheat harvest was 39% complete, one percentage point lower than analysts were expecting and behind the five-year average of 46%.

- Reuters