The USDA weekly crop progress report is the focus this morning. Corn planting has progressed to 86% complete and the crop is 60% emerged. The sowing pace is bang on the same rate as last year and 3pts ahead of the 5 year average. The condition rating is expected to be good once it is included on the weekly progress report. Soybeans are going in fast, 79% sown versus the 5 year average of 68%. They are half way through sowing the cotton crop, 53% in. Sorghum sowing is progressing at the 5 year avg pace, 36% sown, Kansas now at 17% sown. Dry weather in parts of Kansas may slow progress down and possibly reduce the final acreage for sorghum in the US.
US winter wheat is now 78% in head nationally, 8 pts ahead of the 5 year average. Kansas in 97 headed, recent rain only sustaining yield potential, not increasing it. The US winter wheat crop is rated 26% G/E, down another point on last weeks terrible rating. The percentage of the crop now rated Poor to Very Poor is 44%. Last week Kansas HRWW rated just 15% G/E and 58% P/VP, this week those ratings are 55% P/VP and 15% G/E. The rain in the east of the state must have stopped the decline in some of the later crops.
US spring wheat is pegged at 86% sown and will start to be condition rated in future reports.

With the US winter wheat crop now setting its worst crop condition rating since 1986. The weather map for France showing a slight chance of rain after a heatwave ( 25C to 30C). China potentially putting US wheat back on the menu. One does get the feeling that international wheat should start to find some fundamental support at current values. Is wheat cheap, well Russian wheat is. Volume on the sell side out of Russia is OK, but one might expect larger sales volume than they are currently making considering their price advantage. It’s stated that sellers are looking at current values in Russia and refraining from selling. Possibly not a great move considering the above average season they appear to be having and only a month or so out from harvest.