MN Wheat Weekly Wheatsource
June 24, 2020
MN Wheat Weekly Update
Drought Monitor June 11th vs June 18th (US Drought Monitor)
Yellow = Abnormally Dry, Tan = Moderate Drought
MN Crop Progress Report – June 21st (USDA)
- HRS 74% Jointed, 5 days ahead of last year, 2 days behind avg.
- HRS 12% Headed
- HRS Crop Condition – 2% Very Poor, 2% Poor, 15% Fair, 70% Good, & 11% Excellent
- Top Soil Moisture – 1% Very Short, 9% Short, 72% Adequate, & 18% Surplus
- Sub Soil Moisture – 1% Very Short, 7% Short, 78% Adequate, & 14% Surplus
Wheat Harvest 2020 (Erica Oakley, US Wheat Associates)
- Favorable weather sped up harvest progress in Texas, Oklahoma and Kansas, and data from the first 42 samples are included in this week’s report. SRW harvest continues to move forward with partial data from 13 samples available this week. Nearly 100% of the spring wheat has emerged and remains in good condition so far. The PNW SW crop continues to be in very good condition. The northern durum growing region could use rain.
- US Wheat Associates weekly harvest reports. Register here for their weekly updates…good information.
NAWG Update (Caitlin Eannello)
- NAWG Signs Join Dicamba Amicus Brief
On June 17, 2020, NAWG joined several agriculture groups in filing an amicus brief with the 9th Circuit Court urging it to reject efforts to invalidate EPA’s existing stocks order for three dicamba herbicides. In the amicus brief, the groups support EPA’s position “that farmers should be allowed to use the herbicides this growing season and there will be catastrophic consequences for farmers if the continued use of dicamba is disallowed.” Read the groups’ joint release here.
- NAWG Signs on to Letter to President Trump re Phase I of the U.S.-China Trade Agreement
On June 16, 2020, NAWG joined a coalition of 192 agriculture groups in sending a letter to President Donald Trump saying they appreciate his efforts on China trade, but reminding him that China’s imports of U.S. products are “below the pace needed to meet the phase one goals.” In the letter, the groups note that “while the current pace of U.S. agricultural exports to China is below the pace needed to meet the Phase One goals, American farmers, ranchers, and rural communities remain optimistic that the purchases under this agreement will accelerate and be fulfilled by China, and that as a result, the American agriculture sector will enjoy important market opportunities.”
MN Legislative Update (Bruce Kleven)
- Small Business Loans and Grants. There was one bi-partisan measure that passed on Friday – a bill that will support Minnesota’s economic recovery by providing $62.5 million for loans and grants for small businesses impacted by COVID-19. Under HF-5 and SF-2, eligible businesses with 50 or fewer employees can apply for grants of up to $10,000. In addition, half of the funding must be spent in Greater Minnesota. The House passed the bill by a vote of 129-5 and the Senate passed the bill by a vote of 67-0.
- Coming Up Next Week… The schedule for the upcoming week is fluid – the House and Senate will meet sporadically in floor sessions. In an effort to try and establish an ending date, the Senate Republican Majority indicated they intend to adjourn by next Friday, June 19.
US Wheat Price Report (Claire Hutchins)
- This week, harvest progress pressured soft red winter (SRW) and hard red winter (HRW) futures prices while concerns of increasing dryness in North Dakota and southern Canada supported hard red spring (HRS) futures prices. CBOT SRW futures fell 21 cents to close at $4.81/bu. KCBT HRW futures lost 21 cents to end at $4.28/bu. MGE HRS futures gained 11 cents to close at $5.24/bu. CBOT corn futures added 2 cents to end at $3.32/bu. CBOT soybean futures gained 5 cents to close at $8.76/bu.
- The new crop U.S. HRW harvest is in full swing from Texas to central Kansas and the SRW harvest is well underway from Alabama to Virginia. According to USDA, as of June 15, 15% of the country’s total winter wheat area is harvested. Click here to read more about the 2020 U.S. wheat harvest.
- Total U.S. spring wheat ratings fell slightly from last week to 81% good to excellent on worsening dryness across the Northern Plains. Total crop ratings in North Dakota fell from 84% good to excellent last week to 78% this week. Minnesota crop ratings increased 5 points from last week to 88% good to excellent this week. In South Dakota, spring wheat rated as good to excellent increased 6 points from last week to 70%.
- Commercial Sales: This week’s commercial sales of 505,000 metric tons (MT) for delivery in 2020/21, through June 11, were up 87% from last week’s 270,000 MT and above trade expectations of 250,000 MT to 500,000 MT. Year-to-date commercial sales for delivery in 2020/21 total 6.33 million metric tons (MMT), , in line with last year. USDA expects all 2020/21 U.S. wheat exports will total 25.9 MMT down 2% from 2019/20, if realized.
- US Wheat Full Supply & Demand Report: