US Crop Progress Report as of October 17
The Crop Progress Report showed corn harvest is 52% complete, 11 points higher than last week; average is 41%.
97% of the crop is mature, four points ahead of average.
Soybean harvest also saw an 11-point gain on the week, now at 60% done; average is 55%.
95% of the soybean crop is dropping leaves, in line with average.
Corn G/E rating held steady.
Winter wheat plantings are 70% done, one point behind average; 44% of the crop has emerged.
Sorghum harvest is at 59%, nine points ahead of average.
Cotton harvest is returning to normal pace; 28% of the crop is harvested, six points behind the average.
FBN’s Take On What It Means: Corn and bean harvests continue ahead of average. Temps will fall below normal across the Midwest and Plains in the coming days, but they will warm again into the weekend. Weather should continue to be conducive to fieldwork.
Chinese Corn Imports Surge, Wheat Falls
China’s monthly corn imports in September more than tripled versus the same point last year.
The country brought in 3.53 million tonnes, the second highest level on record and up 9.3% compared to August.
Total corn imports through the first nine months of 2021 are up to 24.93 MMT, 274.5% higher from the same point last year.
Wheat imports, however, fell 44.8% from a year earlier to 640,000 tonnes.
Domestic corn prices have fallen off, along with the quality of imported French wheat, leading some feed producers to switch back to corn.
FBN’s Take On What It Means: China had been stepping up wheat imports this year to replace corn in feed. Domestic corn prices had soared on falling stocks and output. However, international wheat prices have since hit eight-year highs, and wheat from France, a significant supplier to China, has seen quality problems due to rain. This has prompted some feed producers to switch back to corn. Plus, high-quality North American wheat is pricey this year on the limited supplies. That also could deter some buying for now.
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