The rain across the US has had little impact on the sowing rate of corn and beans. Corn is still ahead of the five year average at 45% sown versus the average of 30% and soybeans are at 8% versus the five year average of 6%, so still early days there.
We must keep in mind that with modern equipment delays have to be significant before they make much of a difference.
Onto wheat and the weekly US crop update has the winter wheat crop at 61% good to excellent, a rise of 2% over last week and confirmation that last weekend’s rain has improved the crop. Spring wheat planting in the US is also ahead of the average at 54% versus the average of 39%.
Over in Russia we see spring sowing also progressing quickly with 21.3% of the expected area of 6.6mha already sown. Wheat will make up around 954kha of the spring grain crop, this is well up on the 561kha sown to spring wheat last year.
In France crop condition ratings on wheat have fallen by 4% week on week, but a fall from 91% good to excellent to 87% good to excellent isn’t exactly a major concern either. Wheat in France is a little behind that of the USA in regards to maturity with only around 1% currently in head versus up to 42% of the US winter wheat crop.
NCDEX chickpea futures at Delhi were sharply lower in overnight trade and combined with the stronger AUD may see softer bids today.