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Winter Wheat Ratings are out for Select States

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Winter Wheat Ratings are out for Select States

 

US Dollar Continues to Weaken

Turnaround Tuesday was in check this morning with grains turning higher in early trade as beans lead the complex with an 8-cent advance. The US Dollar continued to weaken as did crude oil adding to yesterday’s losses.

Winter wheat ratings were out for select states after the close on Monday. HRW wheat states continue to see poor conditions especially in the Southern Plains relative to last year. The outlook for moisture in the next month is limited with temperatures expected to be above normal, helping push the crop out of dormancy.

Winter Wheat Crop Conditions (Good-to-Excellent Rating)

State

  % G-E Feb

  % G-E Jan

   % G-E Last Year

CO

  40

  36

   45

IL

  72

  74

   58

KS

  43

  44

   59

MT

  51

  70

   53

NE

  44

  47

   59

ND

  81

  82

   55

OK

  43

  33

   68

SD

  57

  62

   69

TX

  34

  30

   40

Egypt was in the market overnight for wheat with the lowest offer submitted being French wheat at $197; the results should be out later today. Iraq was also in the market for wheat while a South Korea feed buyer was shopping for soymeal.

 

China’s crush rate has been ticking up as hog profitability has improved slightly. Imports of soybeans into China are expected to be a strong 7 MMT when published at the end of March. Brazilian FOB bean prices continue to hold firm at a $2.5/MT premium to US FOB prices vs last year when Brazil was at a $12/MT discount. Slow farmer selling in Brazil continues to keep bean supplies to the world market somewhat limited.

 

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