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MN Wheat Weekly Wheatsource

May 12, 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 11, 2020

  • USDA May 11th Crop Progress Report HRS Planting Status
    • MN = 40% planted -vs- 67% 5 yr avg -vs- 27% 2019
    • ND = 50% planted -vs- 56% 5 yr avg -vs- 30% 2019
    • Top 6 States = 42% planted -vs- 63% 5 yr avg -vs- 38% 2019

 

  • Drought Monitor May 7th – (Brad Pugh) Yellow = Abnormally Dry

 

 

 

 

 

 

 

 

 

 

  • Wheat Harvest 2020
    • Harvest has begun SW of San Antonio, TX
    • Only freeze damaged and/or drought stressed is dry enough for harvest
    • Dryland = 12-13 Bu/Ac
    • Irrigated = 33-45 Bu/Ac

 

  • NAWG Update (Caitlin Eannello)
    • On May 4th NAWG submitted comments supporting two classes of Neonics. NAWG’s comments focus on how these products help wheat farmers protect their crop from early season pests, pathogens, and diseases.
    • NAWG joined several agriculture, manufacturing, and related groups in sending a letter to congressional leadership urging speedy action on liability protections for essential business during Vovid-19. The letter argues that essential businesses “have remained operational during times of remarkable legal uncertainty and risk becoming the targets of coronavirus-related lawsuits that will ultimately do nothing to reduce the spread of this disease or address the suffering that Americans have endured because of it.  Congress must act to ensure that such misguided litigation does not derail our recovery.

 

  • US Wheat Price Report (Claire Hutchins)

  • The threat of a late spring frost in the Midwest supported soft red winter (SRW) futures prices week-over-week. Technical buying supported hard red spring (HRS) futures while beneficial rains in Europe and the Black Sea (see below) pressured hard red winter (HRW) futures from last week. CBOT July SRW futures gained 5 cents to close at $5.22/bu. MGEX July HRS futures gained 9 cents to close at $5.16/bu. KCBT HRW July futures lost 3 cents to end at $4.80/bu. CBOT July corn futures gained 1 cent to close at $3.19/bu. CBOT July soybean futures added 1 cent to end at $8.50/bu.
  • Slow export demand pressured Pacific Northwest (PNW) HRW and HRS export basis and soft white wheat export prices for June and July deliveries. Limited export demand also pressured Gulf HRS and SRW export basis for nearby and deferred deliveries.
  • U.S. spring wheat for harvest in fall 2020 is only 22% planted, significantly lagging the 5-year average of 49% on cool weather and surplus soil moisture levels across the Northern Plains.
  • This week’s commercial sales of 245,000 metric tons (MT) for delivery in 2019/20, through April 30, were down 48% from last week’s 467,000 MT but near the high end of the trade’s 50,000 MT to 300,000 MT expectation. Year-to-date commercial sales for delivery in 2019/20 total 26.2 MMT 2% ahead of last year’s pace. USDA forecasts total 2019/20 U.S. wheat exports will reach 26.8 MMT, up 5% from last year, if realized.
  • This week’s commercial sales of 245,000 metric tons (MT) for delivery in 2019/20, through April 30, were down 48% from last week’s 467,000 MT but near the high end of the trade’s 50,000 MT to 300,000 MT expectation. Year-to-date commercial sales for delivery in 2019/20 total 26.2 MMT 2% ahead of last year’s pace. USDA forecasts total 2019/20 U.S. wheat exports will reach 26.8 MMT, up 5% from last year, if realized.
  • This week, the Drought Monitor introduced extreme drought in east-central Colorado and part of west-central Kansas. This week, moderate drought and abnormal dryness spread into western and central Kansas and western Oklahoma. Beneficial precipitation alleviated some dryness in northeastern Colorado and southwestern Nebraska. Looking ahead, cooler temperatures and moderate precipitation are expected across the central Great Plains and above normal temperatures are forecast across the Southern Plains. Late spring frosts could impact SRW development in Midwestern and southeastern states
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