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Little Change in U.S. Wheat Crops
02.06.2010 12:14 "Agro Perspectiva" (Kyiv) —
The condition of the U.S. winter and spring wheat crops was little changed this past week.
Today’s USDA crop progress report pegged the condition of the nationwide winter wheat crop at 65% good to excellent as of Sunday, down a single point from a week earlier but still well ahead of last year’s 45% condition rating. The condition of the spring wheat crop was steady at 85% good to excellent, 12 points better than a year ago.
For the winter wheat crop, the condition of the Hard Red Winter crop in Kansas slipped 5 points from a week earlier to 59% good to excellent as of Sunday. Oklahoma held steady at 68% good to excellent.
In the Soft Red producing state of Michigan, the condition of the crop was unchanged from a week earlier at 81% god to excellent, while Ohio lost 3 points to 76%.
Across the country, 75% of the winter wheat crop was out in head as of Sunday, versus 63% a week earlier, 76% last year and 78% on average.
As for spring wheat, the crops in Minnesota and North Dakota slipped 1 point each to 92% and 87% good to excellent, respectively. Montana held steady at 79% and South Dakota improved 6 points to 81% good to excellent.
Nationwide spring wheat planting was 95% complete as of Sunday, versus 91% the previous week, 87% last year and 96% on average. Emergence was pegged at 84% compared to 70% a week earlier, 64% last year and 84% on average.
July Chicago wheat finished down 7 cents at US$4.50 3/4 today. December closed 6 3/4 cents lower at $4.98 3/4. July wheat made a new contract low late in the overnight session and then recovered to marginally higher levels into early afternoon. However, a late round of selling took the market back near the early lows prior to the close. The late weakness came against a backdrop of firming in the dollar, a modest sell off in equities and a sharper sell off in crude oil.
This week’s export inspections for wheat were 12.09 million bu, down from 20.678 million last week. Inspections need to average 28.7 million bu each week to reach the USDA’s export projection for 2009/10.
July Kansas City wheat ended 3 1/2 cents lower at $4.78 and July Minneapolis was down 5 cents at $5.01.
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