CHICAGO, ILL. (RFD NEWS) — New details are emerging on this year’s crops, with corn and soybeans developing well while winter wheat conditions remain less than ideal.
USDA’s latest Crop Progress Report shows 97 percent of the corn crop has emerged. Five percent has reached the silking stage, ahead of the five-year average of 3 percent. USDA rates 68 percent of the crop in good-to-excellent condition.
On the soybean side, 9 percent of the crop has begun blooming, compared to the five-year average of 6 percent. Sixty-six percent of soybeans are rated in the top category.
Winter wheat harvest continues to move forward, with 40 percent of the crop now harvested. However, just 26 percent of the crop is rated good to excellent.
In South America, some crops are ready for harvest, although weather has complicated fieldwork.
“The safrinha corn is 8% harvested, led by the state of Mato Grosso at 11%,” said Michael Cordonnier. “Yields are pretty darn good, maybe not a record, but very good, especially Mato Grosso, and harvesting has been kind of slowed due to the wet weather, but I do think the recent rain has helped the later maturing corn in southern Brazil.”
Last week, USDA revised its outlook for South American corn production. The agency now estimates Brazil’s corn harvest will increase by 3 million metric tons, while Argentina’s crop is expected to grow by 2 million metric tons.
Global wheat supplies are also expected to expand this year, largely due to favorable growing conditions in the Black Sea region.
“The increase this month for world wheat production is driven by a very good outlook for the crops in the Black Sea region, in particular Russia and Ukraine,” said Mark Jekanowski. “We raised Russia’s wheat production forecast by two million tons, now at 88 million. We also raised Ukraine by half a million tons to 23.5 million tons. The growing conditions have been nearly ideal. They’ve been getting a lot of rain throughout the spring — not too hot, so favorable temperatures — and that’s really been supporting the outlook for their winter wheat production.”
Jekanowski says that, in addition to the United States, Australia is expected to produce less wheat than previously forecast this year.
Lewis Williamson with HTS Commodities joined us on Tuesday’s Market Day Report to discuss current crop conditions and the factors shaping market outlooks as the summer growing season moves forward.
In his interview with RFD News, Williamson discussed the wide range of variables he is monitoring, including crop development, weather patterns, and other market influences that could affect production and price direction in the months ahead.
He also addressed opportunities and challenges in agricultural trade, highlighting issues producers should monitor as domestic and international markets continue to evolve.
