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DROUGHT CONDITIONS HAVE FURTHER DAMAGED US WINTER WHEAT

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April 20, 2022

1 mins read

US wheat prices have continued to edge higher in April 2022, with the latest US
Department of Agriculture (USDA) weekly crop progress report (week 15)
highlighting concerns around new crop availability. Only 30% of US winter wheat
was rated in good to excellent condition, the lowest at this point in the season
since 1996. This was a 2% downward revision from the previous week (week 14).
Approximately 70% of the US winter wheat crop has been affected by drought, down
slightly from last month but up considerably from 27% at this time last year.
Much of the current drought area covers key wheat-growing regions of western
Kansas, Colorado, Oklahoma, and Texas. In Kansas, the largest winter wheat
producing state, around 32% of the wheat crop is in good to excellent condition,
down 12% from a 5-year average of 44%. However, more significant declines in
growing conditions are seen in Texas, Oklahoma, Colorado, and Montana. As a
result, the wheat price on the Chicago Board of Trade (CBOT) reached USD
407.5/MT, up 6% in the two-week period to 19th April 2022, and an increase of
70% year-on-year (y-o-y).

Conversely, drought conditions for spring wheat have improved notably from last
year, largely due to wetter conditions in eastern North Dakota and Minnesota.
Based on the latest USDA weekly crop progress report (week 15), the spring wheat
planting progress reached 8%, a slight decline (-1%) from the 5-year average.

Topics: Grains & Feed
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