The U.S. Department of Agriculture (USDA) lowered its U.S. winter wheat crop condition rating to 49% good to excellent in its weekly crop progress report on Monday, down 1 point from a week ago and 2 points below the average estimate gathered by Reuters from 14 analysts. However, the crop’s condition was still the highest for this time of year since 2020.
While drought has been a concern for some U.S. Plains wheat growers, conditions have been improving. As of May 14, a quarter of the U.S. winter wheat crop was located in an area experiencing drought, down from 28% a week earlier.
Meanwhile, Midwestern farmers have been racing to plant spring crops ahead of rains this week. The USDA reported that 70% of the U.S. corn crop was planted as of Sunday, up from 49% a week earlier and 2 points higher than the average trade estimate of 68% complete. The pace remains the slowest since 2019, but is closer to normal for this time of year.
Farmers have also finished planting 52% of their soybean crop, the USDA said, up from 35% done a week ago and 3 points above the average analyst estimate. Additionally, U.S. spring wheat seeding was 79% complete, above the average estimate for 76% finished.
The weather problems in Europe and the Black Sea region have raised concerns about global wheat supplies, which lifted benchmark Chicago Board of Trade wheat futures on Monday to their steepest rally in 10 months. The improved planting progress for spring crops in the U.S. provides some relief, though the overall condition of the winter wheat crop remains a concern.