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POLL-U.S. wheat ratings seen improving; corn planting seen 5% complete

The U.S. Department of Agriculture’s (USDA) weekly crop progress report should rate 33% of the U.S. winter wheat crop in good to excellent condition, according to the average estimate in a survey of 12 analysts on Monday, up 1 percentage point from last week but still among the poorest ratings on record for this time of year.

Trade estimates for the week ended April 17 ranged from 29% to 36% good to excellent. The government is scheduled to publish its report at 3 p.m. CDT (2000 GMT).

Last week, the USDA rated 32% of U.S. winter wheat in good to excellent condition, the lowest for the 14th week of the calendar year since 2018. Approximately 69% of the U.S. winter wheat crop is in an area experiencing drought, the government said.

Winter wheat ratings for Week 15 have been 33% or lower only three times in USDA records dating to the late 1980s.

For corn, analysts on average expected the USDA to report U.S. planting progress as 5% complete by April 17, up from 2% a week earlier. Estimates ranged from 3% to 6% complete.

Analysts also expected the USDA’s report to show that soybean planting was 2% complete. The soy planting figure will be the USDA’s first for 2022.

Spring wheat planting progress was seen as 9% complete, with estimates ranging from 7% to 12%.

All figures in percent:

Category

Analyst average

Analyst range

USDA last week

Corn planted (percent)

5
3-6
2

Soybeans planted (percent)

2
1-4
NA

Spring wheat planted (percent)

9
7-12
6

Winter wheat conditions*

33
29-36
32
*Percent good/excellent
Source: Reuters (Reporting by Julie Ingwersen; Editing by Mark Porter)

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