The entire Texas Panhandle is seeing extreme drought, the worst-possible rating, while the Oklahoma Panhandle is suffering from severe drought, the second-worst rating, according to data from the National Oceanic and Atmospheric Administration.ģ. About 29% of the crop was in good or excellent condition at the start of the week, which was actually up from 28% a week earlier but well behind the 48% that received top ratings a year earlier. winter-wheat crop was headed as of Sunday, just behind the prior five-year average of 76%, data from the USDA show. In Oklahoma, the second-largest grower of winter varieties, 35% earned top ratings versus only 31% seven days earlier.Ībout 72% of the U.S. Pasture and rangeland conditions in Kansas, the biggest producer of winter wheat in the U.S., was 37% good or excellent as of May 29, up from 30% a week earlier, the USDA said in a separate report. Soybeans for July delivery gained 9 1/2¢ to $16.99 ¾ a bushel in overnight trading. After being behind most of the year, producers have finally caught up with the respective prior five-year averages of 87% and 67% for corn and beans.Ĭorn futures rose 4¢ to $7.35 ¼ a bushel. corn crop was planted as of Sunday and 66% of soybeans were in the ground, according to data from the Department of Agriculture. Wheat futures for July delivery rose 4 1/2¢ to $10.92 a bushel overnight on the Chicago Board of Trade, while Kansas City futures gained 8¢ to $11.73 ½ a bushel.Ĭorn and soybean futures also were higher overnight on prospects for some rain in the central Plains that could keep farmers planting their fields from heading to the finish line.Ībout 86% of the U.S. "It is unlikely that a decision on the resumption of Ukrainian grain shipments is imminent," he said. Still, prices have been falling since mid-May on prospects that Ukraine grain will flood the world market once a deal has been reached, but thus far it's been a lot of talk with little action. "Because its ports have been blockaded for a good three months, Ukraine still has ample grain stocks earmarked for export."
"The expectation that this might happen in the foreseeable future is already causing wheat prices to fall noticeably," said Carsten Fritsch, an economist with Commerzbank, in a note to clients this morning. Ukrainian officials, however, have said that not only is Russia blocking grain shipments, it had intentionally aimed to make worse food shortages worldwide in a bid to destabilize the global economy. Since then, Russian President Vladimir Putin said he would be amenable to allowing grain shipments from Ukraine, though Moscow in recent days has claimed its ships are not blockading shipping routes. The United Nations has been saying for the past few weeks that it was in talks with several countries to move grain exports from Ukraine port cities that have been under siege by Russian forces to the open market. Wheat futures were higher in overnight trading as talks concerning Ukraine grain exports drag on.
0 kommentar(er)
