US Crop Condition & Planting Progress
- US corn 97% planted up from 91% last week (95 % 5 year average). 78% of corn reported in good / excellent condition slightly down on last weeks near record 79% (68% last year);
- US soybeans 87% planted up from 77% last week (75% 5 year average). 75% reported in good /excellent condition.
- US winter wheat – 5% harvested to date 37% good / excellent condition down slightly on last week.
According to Brazil’s Trade Ministry, the country exported 12.35 million tonnes of the oilseed last month. Brazil’s previous monthly record was 10.96 million tonnes in May 2017, indicating ongoing Chinese demand as trade talks with the US continue.
Paraguay is forecast to export more soybeans than neighbouring grains powerhouse Argentina for the first time this year as growers in the smaller country push to increase output and fill the supply gap left by a drought on the Argentine Pampas. Paraguay soybean exports are expected at 6.3 million tonnes this year.