The weekly USDA crop progress report has corn, soybeans and cotton all bang on the 5 year average for this time of year. This sent a slightly bearish tone through the market as some punters had expected to see a lower number in this weeks report due to continued showers and rain across a few states.
Missouri had seen the heaviest falls and was pegged at 79% sown for corn versus the 5 year Avg of 74%. Kansas is lagging a little but the main corn states of Iowa, Indiana and Nebraska are all fairly well where they need to be. Soybeans are pretty much the same scenario.
Most of the US winter wheat is now in head apart from the most northern states or the higher country. Condition ratings were actually up 1% in the good to excellent range week on week and pegged at 52%, this is around 10% less than the rating this time last year but better than what the trade had expected to see.  Spring wheat planting progress was also better than expected at 90% sown versus the 5 year average of 84%. The North Dakota Wheat Commission pegged durum at 72% sown, 8% better than the 5 year average with emergence slower than desired but very close to the 5 year avg.
MARS continue to reduce yield estimates in Europe, canola and barley appear to be the hardest hit but it’s far from a failure.