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Spring Wheat Catapults Higher

USDA Crop Progress Report show Spring Wheat Conditions Plunged

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Grains were bolstered overnight led by spring wheat which catapulted higher following USDA’s crop condition scores on Monday showed further deterioration.

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USDA’s crop progress report showed spring wheat conditions plunged to only 45% good-to-excellent, well below market expectations of 53% going into the report and a 55% reading last week. For corn, the conditions did slip to 67% as compared to 68% last week. For soybeans the first reading of the year came in at 66%, off of the 70% expected.

In export news, the Taiwan Flour Millers association bought 92,400 MT of US milling wheat overnight. In France, the Ag Ministry there pegged corn sowing at 1.37 million hectares, down 3.3% from last year and 15% below the 5-year average. It also trimmed its estimate of wheat acres to 5.15 million hectares off 0.5% from last year.

Egypt received offers on Monday’s tender for wheat with the lowest offer on an FOB basis being Ukraine with Russia, Romania and French wheat also being offered up. No US offers were presented in the tender.

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