The winter wheat harvest, at 16 percent complete, is running 4 points behind average, says the weekly Crop Progress report. Only 2 percent of the crop in Kansas, the No 1 state, was harvested at the start of this week, compared to the usual 19 percent. Oklahoma and Texas are 9 points behind normal. Missouri usually would have 26 percent of its crop in the bin but has yet to begin harvest.
The corn and soybean crops are in robust shape – 76 percent of corn rates good or excellent and 73 percent of soybeans are good or excellent, said USDA. “The critical part of the growing season for corn and soybeans is still to come,” says economist Darrel Good of U-Illinois at farmdoc daily in discussing the possibility of record-high yields. He said “the markets are clearly anticipating very large crops, particularly for corn. Prices will likely remain under pressure as long as conditions continue to point to average yields above trend value.”