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MN Wheat Weekly Wheatsource

May 20, 2020

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This update is brought to you by the MN Association of Wheat Growers and the Minnesota Wheat Research & Promotion Council.

May 20, 2020

  • Drought Monitor May 7th vs May 14th – (US Drought Monitor) Yellow = Abnormally Dry

  

  • NAWG Update (Caitlin Eannello)
    • Agri-Pulse: USDA Urges Producers To Begin Work On Coronavirus Aid Applications — As reported in Agri-Pulse, “a $16 billion program that will offer direct payments to producers is not yet ready for signup, but the Department of Agriculture is urging producers to begin several steps of the application process ahead of time. In a webinar for producers Thursday, the Farm Service Agency’s deputy administrator for farm programs, Bill Beam, highlighted several forms producers will have to complete to receive payments under the Coronavirus Food Assistance Program. The forms, also listed online (https://www.farmers.gov/cfap), detail things like contact information, banking details, and income specifics.”  NAWG listened in to the webinar, and reports that no details specific to wheat were mentioned.
  • 2020 MN Legislative Session (week 13) – Bruce Klevan
    • There is only one week remaining in the 2020 regular session.  Global issues that still need to be resolved by the Constitutional adjournment date of Monday, May 18, include consideration of a bonding bill, addressing the Governor’s powers during the remainder of the COVID-19 pandemic, allocation of over $2 billion in federal funds, settling state pay raises for 50,000 workers (2.25% this year and 2.5% starting in July), providing tax relief for businesses struggling to reopen, and providing direct aid to citizens such as rent and mortgage assistance.

US Wheat Price Report (Claire Hutchins)

    • USDA expectations for record global wheat production and ending stocks in 2020/21 (see below) and beneficial precipitation in the European Union and the Black Sea pressured all wheat futures prices week-over-week. CBOT July soft red winter (SRW) futures fell 22 cents to end at $5.00/bu. KCBT July hard red winter (HRW) futures lost 28 cents to close at $4.52/bu. MGEX hard red spring (HRS) July futures lost 10 cents to end at $5.06/bu. CBOT corn futures held steady week-over-week at $3.19/bu. CBOT soybean futures lost 12 cents to end at $8.38/bu. 
  • MN Crop Progress Report (USDA) May 18th
    • HRS Planted – 70% vs 40% last week vs 64% last year vs 86% 5year Avg
    • HRS Emerged – 29% vs 11% last week vs 13% last year vs 53% 5 year Avg
    • Top Soil Moisture – 0% Very Short, 8% Short, 79% Adequate, & 13% Surplus
    • Sub Soil Moisture – 0% Very Short, 3% Short, 83% Adequate, & 14% Surplus
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