The latest USDA weekly crop progress report showed a slight dip in the ratings for the U.S. winter wheat crop, but the overall condition remains strong compared to recent years. Meanwhile, planting progress for spring crops like corn and soybeans is underway, with the report providing the latest updates.
For winter wheat, 49% of the crop was rated in good-to-excellent condition, down a percentage point from the previous week but still the highest for this time of year since 2020. The ratings were in line with analyst expectations.
Drought conditions have been expanding in the U.S. winter wheat belt, raising concerns about crop stress and yield prospects. As of April 23, 30% of the U.S. winter wheat crop was located in an area experiencing drought, up from 24% the previous week and 18% two weeks prior. In Kansas, the top winter wheat producer, 65% of the state was experiencing moderate drought.
Despite the drought concerns, the relatively strong wheat conditions align with forecasts for a shift in global grain supplies to surplus, compared to the shortages of the past several years.
On the planting front, the USDA report showed that U.S. corn was 27% planted, up from 12% the previous week and in line with average analyst estimates. Soybeans are 18% planted, slightly above the average analyst estimates of 17%. Spring wheat is 34% planted, above average analyst expectations of 27%.
The USDA’s weekly crop progress reports provide valuable insights into the status of major agricultural commodities in the United States, helping market participants and policymakers assess the potential impact on production and supply.