USDA’s final Crop Progress report of 2017 showed winter wheat conditions below the five-year average.
USDA estimated winter wheat conditions at 50% good to excellent as of Sunday, Nov. 26, down 2 percentage points from 52% good to excellent the previous week. That resulted in a DTN Winter Wheat Condition Index of 130, down 5 points from the previous week.
“DTN’s index is down from 147 a year ago and below the five-year average of 135. Monday’s lower crop rating was slightly bullish for winter wheat prices,” said DTN Analyst Todd Hultman.
Winter wheat progress continued at an average pace with USDA estimating 92% of the crop emerged as of Sunday, the same as both a year ago and the five-year average.
USDA’s final Crop Progress report of the year also showed the U.S. soybean harvest is done for the year and farmers have only about 5% of the corn crop left to harvest.
USDA estimated that 95% of corn was harvested as of Sunday, slightly below 98% a year ago and also below the five-year average of 98% harvested.
“Monday’s harvest progress was neutral for corn prices with another mostly dry forecast for the week ahead,” Hultman said. “Indiana, Ohio, Michigan and Wisconsin are some of the states with corn still in the field.
Cotton harvest was 79% complete as of Sunday, near the average pace of 80%. Sorghum harvest was 95% complete, also near the five-year average of 96%.
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