MEMPHIS, Tenn. (RFD NEWS) — Planting season continues moving ahead across key growing states, with USDA’s latest Crop Progress Report showing corn, soybeans, and spring wheat all ahead of or near historical averages.
Corn planting is now 76 percent complete nationwide, slightly ahead of the five-year average and in line with this time last year. Soybean planting continues to run well ahead of average, at 67 percent complete, compared to the five-year average of 53 percent.
Spring wheat planting is now 73 percent complete, while winter wheat conditions continue to lag behind last year. USDA says just 28 percent of the winter wheat crop is rated in the top category, compared to 52 percent a year ago.
On the global side, USDA is forecasting a decline in worldwide rice production for the first time in more than a decade, with output projected at 538 million metric tons this year, down from 543 million last year.
The largest declines are expected in the United States, India, and Myanmar as growers reduce rice acreage amid rising fertilizer and energy costs.
As planting season advances, farmers are also closely monitoring dry conditions developing across parts of the Corn Belt.
Lewis Williamson with HTS Commodities joined us on Tuesday’s Market Day Report to discuss the latest crop progress numbers and what they could mean moving forward.
In his interview with RFD News, Williamson discussed his main takeaways from USDA’s latest report, along with how weather conditions are affecting planting progress in some regions.
Williamson also addressed the White House announcement that China plans to purchase at least $17 billion in U.S. agricultural products annually over the next three years, and what that commitment could mean for American agriculture.
