US Crop Progress Report as of October 3
The U.S. Crop Progress showed corn harvest jumped to 29% done from 18% last week; average is 22%.
88% of the crop is now mature, ahead of the average at 77%.
Soybean harvest also saw a good push to 34% now in the bins from 16% last week; average is 26%.
86% of soybeans are now dropping leaves, versus 80% average.
Corn and soybean conditions saw no change; 59% G/E rating for corn and 58% for soybeans.
Winter wheat plantings are in line with average, 47% versus 46%; 19% of the crop has emerged.
Sorghum harvest is 38% done, slightly ahead of the average of 36%.
Cotton harvest continues to lag the average, 13% versus 19%; 70% of the crop has bolls opening.
FBN’s Take On What It Means: Corn and soybean harvests saw good progress this week. Some rains in the eastern Midwest and Delta may disrupt progress periodically, but weather once again looks conducive overall. Many winter wheat areas saw rain, which was good for planting and emergence.
Biden’s China Trade Plan Echoes Trump’s
U.S. Trade Representative Katherine Tai made remarks Monday on trade between the U.S. and China.
She pledged to press China over its failure to keep promises made in President Trump’s 2020 Phase 1 trade deal.
She also stated she would revive a targeted process of approving exclusions for certain Chinese imports from tariffs; most previous tariff exclusions expired at the end of 2020.
However, the idea of a separate Phase 2 was rejected; Ms. Tai explained that China “may not change” and strategies should address the country as it is.
FBN’s Take On What It Means: In the Phase 1 trade deal, China agreed to purchase $200 billion in additional goods and services, including agricultural products, over 2017 levels over the two years of the agreement. However, one estimate shows China is on pace to be 30% short of its goal in 2021. President Biden has kept tariffs instituted under President Trump in place, but targeted exceptions expired at the end of 2020. While Tai pledged to reinstate these exceptions, the Biden administration has also considered new tariffs to encourage China to fulfill its obligations under the 2020 trade deal.
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