The weekly US crop progress report was out last night. 7% of the US corn crop has reached the dough, Texas leading the way at 69%. Texas continued to be in the news for all the wrong reasons, flooding once again taking lives. The west Texas 14 day rainfall anomaly sits at roughly 600% of the average for this period. The US overall corn crop condition remained unchanged at 57/17 = 74% G/E. The higher than average crop rating has the majority of punters predicting average yields in the 180 – 185 bushels per acre range, 11.45t/ha as a national average is huge, record breaking.
US soybean condition improved week on week, +2pts to 70% G/E. Around 15% of the US soybean crop is now setting pods. Overnight US soybean futures were a little lower nearby. Canadian canola values moved sideways, the average farm gate bid out of SE Saskatchewan for a Dec lift moved just CAD$0.20/t higher to CAD$632.48 / tonne according to price reporting service PDQ.
Canadian spring wheat values followed the weaker US spring wheat market lower. The average farm gate price out of SE Sask slipped CAD$5.65 / tonne for a Dec lift, bids there now roughly CAD$259.64 / tonne. Values out of the Pacific Northwest were lower. Looking at the conversion value for spring wheat, both US and Canadian, and comparing today’s values to yesterdays, we see FOB values back roughly AUD$4.00 to AUD$5.00 per tonne for high grade spring milling wheat. Similar grade milling wheat out of France was also lower, the day to day conversion comparison shedding roughly AUD$5.00 / tonne.
US spring wheat condition improved, up 4pts week on week, now rated at 54% G/E. The North Dakota spring wheat crop rated at 71% G/E, an exceptional rating and 3pts higher week on week. N.Dakota producers just over half of the US spring wheat crop. On average the US spring what crop is now 78% in head. 63% of the US winter wheat crop is in the bin, Kansas now 93% complete.
The US sorghum crop rating improved 2pts week on week, now rated at 53/16-69% G/E. 53% of the Texas crop now colouring. Around 5% of the Kansas sorghum crop is in head. The season has been good for most sorghum producers. Kansas crop is rated 64% G/E, Kansas grows roughly 57% of US crop.