The USDA released their weekly crop progress report after the close. Corn slipped 1% G/E to 42/12, just 54% G/E. US soybeans were unchanged at 57% G/E. 62% of the Texas sorghum crop is now in the bin. The US sorghum rating is now just 21% G/E, slipping 4% week on week. 42% of the Texas crop is rated poor to very poor. The USDA estimated 50% of the spring wheat crop is now harvested. 21% behind the 5-year average and 36% behind this time last year. The condition rating for spring wheat improved from 64% G/E last week to 68% G/E this week.

Saskatchewan Wheat released their weekly crop report. This week’s report reflecting some of the Stats Canada data released on Monday. The StatsCanada data shows all wheat production at 34.6mt, a little higher than the average trade estimate of 34mt.  This is Canada’s second largest wheat crop in 9 years and some 12.3mt bigger than last year’s drought affected crop. The split is 25.6mt spring wheat, durum 6.5mt. The durum portion is some 600kt bigger than many analysts had expected to see after such as tough start to the season.
Wheat prices across SE Saskatchewan pushed sharply higher. The average ex farm price for 1CWRS13.5 wheat for a Dec lift was estimated to be C$394.83, just C$19.83 under the price of 1CWAD13 durum for the same delivery window.

The Buenos Grain Exchange reduced their condition rating for Argie wheat, now just 18% G/E. Much of Cordoba remains very dry while parts of the Pampas are still looking very good. Argentina will be an area of extremes in 2022, poor crops in the west and north while crops across the Pampas should be average or possibly above average.