Wheat started the day under a degree of pressure following yesterday’s bullish push higher. Additional details have emerged regarding the Indian export ban, reportedly allowing registered consignments prior to the announcement to still go ahead.
In the weekly USDA crop progress report, planting progress has been a key watch point.
Corn planting in the US continues to lag behind average progress but has made significant progress from the previous week. At 49%, US corn planting is significantly up from the 22% the previous week, although still well behind the 67% average for this time of year.
At 30% planted, US soybeans have also progressed well, up from just 12% complete the week before, although like corn, still behind the 39% average.
Spring wheat planting has also advanced quickly from the previous week, but at 39% complete is well below the 67% average progress and will still need to be monitored closely. Meanwhile, winter wheat remains in poor condition falling back again to just 27% good and excellent.