USDA raises winter wheat ratings, still 2nd worst on record
Updates headline, updates table with USDA results, updates throughout
By Heather Schlitz
CHICAGO, Nov 4 (Reuters) -The U.S. winter wheat crop was off to its second worst start on record dating back to 1986 after a weekly U.S. Department of Agriculture's report showed just 41% of the recently seeded crop in good-to-excellent condition as of Sunday.
The low rating, up slightly from a week earlier and matching expectations from a Reuters poll of 10 analysts, comes as crops in other major exporting countries including Argentina, Australia and Russia have been hit by dry conditions.
Meanwhile, the pace of the U.S. corn and soy harvests was roughly in line with analyst expectations, the USDA said in its weekly crop progress and condition report.
Weeks of warm and dry weather across the U.S. Midwest and Plains this autumn sped up corn and soy harvesting but delayed winter wheat planting and stressed crops that farmers were able to seed.
However, rains over Plains states the past week cut dryness for the drought-stricken wheat crop and more showers are expected in the next two weeks, according to the Commodity Weather Group.
The U.S. winter wheat crop rating marked a slight improvement from the 38% good-to-excellent rating a week earlier, USDA data showed.
The U.S. winter wheat crop was 87% planted as of Sunday, which is roughly on par with previous years and slightly higher than analyst estimates, according to USDA data.
The U.S. soybean harvest was 94% complete as of Sunday, the fastest pace since 2022 but below expectations of 95%, and the corn harvest was 91% complete, above expectations of 90% and the fastest since 2012.
All figures in percent:
Category | Analyst average | Analyst range | USDA this week | USDA last week |
Corn harvested (%) | 90 | 87-92 | 91 | 81 |
Soybeans harvested (%) | 95 | 93-95 | 94 | 89 |
Winter wheat planted (%) | 86 | 84-90 | 87 | 80 |
Winter wheat condition ratings* | 41 | 38-43 | 41 | 38 |
*% good/excellent |
Reporting by Heather Schlitz;
Editing by Sandra Maler
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
