29/4/20 Prices
With the weekly US crop progress report out the market took a closer look at sowing pace for the row crops and wheat condition. Corn is going in the ground above the 5 year average pace with about 27% of the projected area in the US now sown. Illinois saw good progress moving from 8% last week to 37% sown this week. Iowa also saw an impressive sowing pace up from 2% sown last week to 39% this week. Soybeans are pegged at 8% sown with good progress being made in the southern states. Cotton was almost bang on average with 13% of the projected area now planted.
US Winter wheat was estimated at 21% in head with Kansas just 2% in head. Oklahoma and Texas lead the pace with 50% and 68% in head respectively. In regards to crop condition week on week the percentage of the crop rated good to excellent dropped 3% from 50% to 47%. This time last year the US winter wheat crop was rated 49% G/E. Kansas is rated 40% G/E and 40% Fair with 20% of the crop there rated poor to very poor. Spring wheat sowing progressed to 14% complete but lags behind the five year average of 29% of as April 26th.
Generally the Volga Valley remains mostly dry while central west Russia has seen some useful falls over the last week. Ukraine is in much the same state with some falls across the central wheat area but generally speaking most producers are looking for further rain. The 1-7 day model for the Black Sea states suggest good rain is expected across Ukraine while the eastern Volga Valley may remain dry. Central Russia should also see some good falls as should E.Poland, Germany and France which are all in need of a good fall.