November 24, 2022

USDA rates 32% of US winter wheat crop in good to excellent condition

The US Department of Agriculture has rated 32% of the country's winter wheat crop in good to excellent condition, unchanged from last week, as analysts predicted a 1-point improvement, Hellenic Shipping News reported.

The wheat ratings are the lowest for this time of year based on USDA records going back to 1986. 44% of the winter wheat crop was deemed good to excellent a year prior.

Since 75% of the U.S. winter wheat production area is experiencing drought, the newly planted crop has struggled in the dry conditions. As plants hibernate over the winter, the crop's moisture requirements typically decrease, but precipitation will be essential when growth resumes in the spring.

The USDA said for the marketing year 2022–2023, the US will rank as the fifth-largest exporter of wheat in the world.

The USDA also reported that harvest of corn was 96% complete, which is higher than the five-year average of 90% but less than the average analyst estimate of 97%. The US is the second-largest supplier of soybeans after Brazil and the largest exporter of corn in the world.

The USDA did not intend to provide any additional updates on corn or soybeans, which were 96% harvested by November 13 because the harvest of fall crops was almost finished. On November 28, the USDA will provide one more report on the condition ratings of winter wheat before stopping its weekly crop progress reports until April.

-      Hellenic Shipping News