WHEAT CONDITIONS IMPROVE IN KANSAS, COLORADO, NEBRASKA
A look around the horn of the primary hard winter wheat production states made clear the central Plains of Kansas and Nebraska benefited from recent rain and snow events. The USDA in Manhattan, Kansas rated the Sunflower State’s dormant winter wheat crop as of Jan. 28 in 8% excellent condition, 46% good, 31% fair, 11% poor and 4% very poor. The Department’s latest US Drought Monitor appraisal pegged Kansas winter wheat in drought at 37% as of Jan. 23. The USDA in Oklahoma City said winter wheat as of Jan. 28 was 55% grazed, up from 36% a year earlier, and rated it 11% excellent, 52% good, 28% fair, 7% poor and 2% very poor.
Texas winter wheat was rated 42% in good-to-excellent condition, 32% fair and 26% poor to very poor. Winter wheat dormant in fields in eastern Colorado was 63% in good-to-excellent shape, 26% fair and 11% poor to very poor. Good-to-excellent conditions on Jan. 28 were 70% in Nebraska, 53% in South Dakota and 41% in Montana. In soft red winter wheat country, good-to-excellent ratings were 65% in Missouri (73% on Dec. 31) and 75% in Illinois (55%). Wheat futures on the Chicago Board of Trade closed higher after the monthly condition reports were issued. Hard wheat futures gained the most with Kansas City contracts posting 8¢ to 12½¢ a bushel gains; Chicago futures were up 5½¢ to 12¢ a bushel.
(Link: WorldGrain)
SHIPPING DISRUPTIONS MAY WEIGH HEAVILY ON U.S. AG EXPORTS
The major shipping season for U.S. farm exports begins in October with the fall harvest and runs through May. Persistently low water levels at the Panama Canal could significantly impact these exports. Ship traffic in the Red Sea has declined steeply as a result of attacks by Houthi rebels. Rather than use the Suez Canal, shipping lines are routing cargo around the Cape of Good Hope. Given these conditions, the 2024 outlook suggests continued challenges for U.S. agricultural exports, particularly for critical commodities such as corn and soybeans.
(Link: SuccessfulFarming)
