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MN Wheat Weekly Wheatsource

July 22, 2020

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2020 Virtual Hard Red Spring Wheat Pre-harvest Update
Tues, July 28, 9:00 am
As harvest time approaches for the U.S. spring wheat crop, domestic and international customers are anxious to get the latest crop information. With many in person meetings and events put on hold this year, including the Wheat Quality Council’s Annual Spring Wheat Tour, many in the industry will miss the opportunity to see the crop potential firsthand. To provide an update to our customers and others in the industry….Read More & register
Drought Monitor July 9th vs July 16th
(US Drought Monitor)
MN Scab Risk Model – 48-hour forecast
MN Crop Progress Report – July 20th (USDA)
  • HRS 98% Headed, 32% Turning Color (7 days behind normal)
  • HRS Crop Condition – 3% Very Poor, 4% Poor, 20% Fair, 60% Good, & 13% Excellent
  • Top Soil Moisture – 1% Very Short, 8% Short, 77% Adequate, & 14% Surplus
  • Sub Soil Moisture – 1% Very Short, 7% Short, 81% Adequate, & 11% Surplus
Wheat Harvest 2020
(Erica Oakley, US Wheat Associates)
  • Sporadic precipitation across the Great Plains slowed HRW harvest progress. Early lab tests indicate this year’s HRW crop is sound with low but good quality protein. The SRW harvest is 90% complete and currently graded just shy of U.S. No. 1. Precipitation across HRS and northern durum growing regions improved crop conditions and outlook. In the Pacific Northwest, SW harvest is underway with favorable harvest weather forecasted.

  • US Wheat Associates weekly harvest reports. Register here for their weekly updates…good information.

US Wheat Price Report
(Claire Hutchins)
  • Following a volatile week in the futures market, which included speculation that China may purchase U.S. soft red winter (SRW) followed by technical selling, all wheat futures prices ended the same or below last week’s close. CBOT SRW futures remained the same at $5.35/bu. KCBT hard red winter (HRW) futures lost 3 cents to close at $4.49/bu. MGE hard red spring (HRS) futures fell 13 cents to end at $5.13/bu. CBOT corn futures lost 4 cents to close at $3.33/bu. CBOT soybean futures gained 7 cents to end at $8.92/bu.
  • Commercial Sales: This week’s commercial sales of 764,000 metric tons, the highest weekly sales so far in 2020/21, were more than double last week’s 326,000 MT and well above trade expectations of 250,000 MT to 600,000 MT. This includes China’s purchase last week of 130,000 MT of HRW and 190,000 MT of HRS. Year-to-date commercial sales for delivery in 2020/21 now total 8.32 million metric tons (MMT), 6% ahead of last year’s pace. USDA expects all 2020/21 U.S. wheat exports will total 25.9 MMT, down 2% from 2019/20, if realized.
  • This week’s commercial sales of 326,000 MT for delivery in 2020/21, through July 2, were down 21% from last week’s 414,000 MT but in line with trade expectations of 200,000 MT to 550,000 MT. Year-to-date commercial sales for delivery in 2020/21 total 7.56 MMT, 1% ahead of last year’s pace. 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
  • Read the full US Wheat Supply and Demand Report.
NAWG Legislative Update
(Caitlin Eannello)
NAWG Signs on to Coalition Letter re Additional COVID-19 Funding
  • Major Ag Groups to Launch Town Hall Series on the Future of Agricultural Trade and Supply Chains. Farmers for Free Trade, the National Milk Producers Federation, the Corn Refiners Association, the National Corn Growers Association, the U.S. Dairy Export Council, the National Association of State Departments of Agriculture (NASDA), the Iowa Soybean Association, Minnesota AgriGrowth, the Plant Based Products Council, KCoe Isom and World Strategies have announced that they would be jointly launching a series of town hall discussions starting this summer focused on the future of agriculture. The first session will be held in Iowa on July 30, followed by events in Minnesota, Michigan, Pennsylvania and Wisconsin in August and September, tentatively.
USDA Releases July WASDE Report
  • The most recent World Agriculture Supply and Demand Estimates (WASDE) report was released by the U.S. Department of Agriculture on July 10, 2020. “The outlook for 2020/21 U.S. wheat this month is for larger supplies, lower domestic use, unchanged exports, and increased stocks. Supplies are raised as larger beginning stocks more than offset lower production. Beginning stocks are increased on the NASS Grain Stocks report, issued June 30, which indicated higher 2019/20 ending stocks than previously estimated. This also resulted in lowering 2019/20 feed and residual use by 61 million bushels to 74 million. Wheat production for 2020/21 is reduced 53 million bushels to 1,824 million.”
Northern California Record: Crop Growing Associations Say Judge Properly Relied On Science In Prop 65 Ruling
  • Last week, NAWG CEO Chandler Goule interviewed with the Northern California Record on the recent Proposition 65 ruling. Read the published article here. Further, check the side bar for more interviews carried out this past week by Goule and NAWG President Dave Milligan.

 

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