The latest major market news has been the USDA’s crop progress report – Available here.
Following the recent market downturn, the planting progress report has paused the continued sell-off in Chicago markets.
Progressing well ahead of average, corn planting progress in the US reached 80% complete, well up from the 67% the previous week, but below trade polls for 84% complete. However, planting is still well ahead of average, and 41% emerged, again, and far from a concern. 61% of the US soybean crop has now been planted, well ahead of the 37% long-term average, and the previous week’s 42%.
With the US tight for corn and soybeans, crop development progress is going to be key for market direction.
The planting progress report provided mixed news for wheat markets as crop condition scores for winter wheat slipped by one percentage point. However, spring wheat planting reached 85% complete, again well ahead of the 71% long-term average.
Adding pressure to wheat markets have been forecasts for good volumes of rainfall across northern US states and Canada, very much needed for spring crops.
Why does this matter?
Released weekly, the USDA crop reports are important guides for the condition and speed of development of US crops. As a comprehensive report on US crops, this is a key report for confidence in US production and closely followed by speculative investors.
Latest Trade Data
Other key grain news today has been US export sales of 1.36MT of corn for delivery to China during the 2021/2022 marketing year.
The weekly US export report, to be release later this week will detail any further current crop cancelations and new crop sales to China.
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