August 10, 2021
MN Wheat Weekly Update
USDA Weekly Crop Progress Report (MN) –
Click Here for Full Report
- 76% Harvest Complete – 3 wks ahead of Avg
- Top Soil Moisture: 39% very short, 41% short, 19% adequate, & 1% surplus
- Sub Soil Moisture: 38% very short, 44% short, 18% adequate, & 0% surplus
Other Items of Interest
Virtual September Marketing Seminar
Wednesday, September 15, 2021
4:00 – 6:30 pm
Details and to Register: https://bit.ly/2VDfsJv
NCTC Farm Business
Dr. Frayne Olson
AgCountry Farm Credit Services
A PROGRAM OF:
National Association of Wheat Growers (NAWG) Update
NAWG CEO Reflects on Wheat Quality Trip
- NAWG CEO Chandler Goule interviewed with Brownfield Ag News on Monday to provide a firsthand account of the severe drought, where the group would split up and visit about 110 farms a day in North Dakota, South Dakota, and Minnesota. Goule expressed that while growers expect low yields, they believe the wheat will still be of decent quality. To listen to the full interview, click here.
NAWG Signs Letter Calling for Climate-Smart Agricultural Practices in Infrastructure Legislation
- NAWG joined other leading agricultural organizations in signing a letter to House Speaker Pelosi and Minority Leader McCarthy and Senate Majority Leader Schumer, and Minority Leader McConnell that called for funding for climate-smart agricultural practices to be included in infrastructure legislation that is being developed. In the letter, support for working lands conservation programs including financial and technical assistance was emphasized for farmers and ranchers. Other key points stated included the need for rural broadband investment, a desire for a voluntary basis program that provides assistance to producers, and a concern for the impact of any tax policies that could adversely impact multi-generational farms.
Wheat Exports to China Increases
- Wheat exports benefitted from the commitments from Chinese buyers the week of July 16-22. China purchased 128,900 metric tons of wheat for the 2021-2022 marketing year during the week, which helped push the weekly total sales to all destinations to 515,200 tons. Click here to read more about China’s boost of wheat exports.
EPA Announces Next Steps with WOTUS
- At the end of last week, the U.S. Environmental Protection Agency (EPA) and the U.S. Department of the Army announced plans to revise the definition of “waters of the United States” (WOTUS) in an effort to ensure clean and safe water for all. The EPA committed to developing a definition that is both economically and environmentally safe. In addition, the EPA announced opportunities in August for stakeholders and the public to provide recommendations as they revise the definition. To read more about EPA’s announcement, click here. NAWG will be working through the Environment and Research Committee to develop comments on any proposed changes to the current Navigable Waters Protection Rule.
US Wheat Associates, Weekly Price Report – Michael Anderson
- This week, all futures trended up as the market absorbed new information, including smaller production amounts in Russia and North America. CBOT soft red winter (SRW) futures rose 16 cents to close at $7.19/bu. KCBT hard red winter (HRW) futures were up 32 cents to end at $7.05/bu. MGE hard red spring (HRS) futures gained 12 cents to close at $9.16/bu. CBOT corn futures rose 8 cents to $5.55/bu. CBOT soybean futures were up 67 cents to close at $14.22/bu
- Commercial Sales: View the most recent USW Commercial Sales report here.
- This week’s U.S. wheat commercial sales of 308,300 metric tons (MT) were down 40% from last week’s 515,200 MT and on the low end of trade expectations of 250,000 MT to 700,000 MT. Year-to-date commercial sales for delivery in 2021/22 total 10.2 million metric tons (MMT), 18% lower than last year at the same time. USDA expects total 2021/22 U.S. wheat exports will reach 23.8 MMT, 12% lower than last year if realized
- Areas of persistent dryness, including the Dakotas and Pacific Northwest, continued to deteriorate further this week. Areas of eastern Washington, central Oregon, and parts of Montana are experiencing exceptional drought. Conditions in the Plains states stretching from Minnesota west to Colorado and encompassing the states in between continued to experience dry conditions that added to drought ratings.
Weekly Harvest Report (Erica Oakley)
- The HRW harvest is winding down with less than 10% remaining. The SW crop is progressing quickly with more than 50% harvested; testing data are reflective of a stressed crop. Durum conditions are slightly better than HRS but remain drought and heat stressed. HRS harvest is nearly 30% complete while durum harvest is just underway. Click Here for Full Report