Tag Archives: soybeans

Summary

Friday comes to a close with the outside markets finally showing a little bit of life, but the ag markets end mixed to lower. Overall it’s been a week of selling and lower prices. The selling hit right at the start on Monday, putting the market into an old fashioned risk off atmosphere. Tuesday tried to mount a comeback, but there has been plenty of selling since. Weighing heavy on the macro or broad market picture all week, is the possibility of another round of US stimulus being on hold as the death of a Supreme Court Justice has the Congress and President’s full attention. The financial sector has also been thrown into turmoil this week with reports  of fraud and money laundering stinging some of the worlds largest banks including HSBC, Barclays and Deutsche .

Enough of the doom and gloom there has been some positive economic data on the week. Starting on Tuesday the weekly Redbook showed year on year retail sales up 1.5% for last week. That was better than the previous week’s -1.2%. It was also the first positive retail sales growth since late July/early August. One week doesn’t mean a lot in the big picture, but it could be a start to some retail resurgence.

Wednesday saw more positive housing data with MBA Mortgage applications rising 6.8% on the week ending September 18, after falling 2.5% on the week prior; new home purchases rose 3.4% after falling 0.5% in the previous week, while refinancing’s increased by a sharp 8.8% on the week to last Friday, after declining by 3.7% in the week prior. These were strong numbers despite a rebound in the average 30-year mortgage rate to the highest level since mid-August (though that’s still only 3.10%); mortgage applications are up 25% year-over-year despite rising prices, with some economists pointing to a massive overall pandemic shift to the “home office” going forward – U.S. workers are investing more in their homes with the new norm.

Existing home sales rose to an annualized rate of 6.000 million in August, up 2.4% from the 5.860 million unit pace in July and slightly above analyst expectations of 5.965 million. The August increase follows a robust 24.7% increase in July as people rushed to take advantage of record low mortgage rates. The pace of August existing home sales was up 10.5% year-on-year, up from an 8.7% year-on-year pace in July. The housing market continues to be one of the hottest sectors of the economy, due to those low interest rates.

Energy production data on Wednesday showed US crude oil stocks down 1.6 million barrels. Which was better than what many expected. Unfortunately US gasoline and other distillates actually increased. As a result energy futures were mixed.

For the week ending September 18 US ethanol production decreased 2.2%, or 21,000 barrels per day (b/d), to 906,000 b/d. US ethanol stocks in the same time frame increased 1.0%, 20,000 barrels to 20.0 million barrels, which was 11.1% below year-ago volumes. Inventories increased across all regions except the Midwest (PADD 2) and Rocky Mountains (PADD 4). The volume of gasoline supplied to the U.S. market, a measure of implied demand, ticked up 0.4% to 8.52 million b/d (130.53 bg annualized). Gasoline demand remained 8.9% lower than a year ago.

Grain bulls are lost steam from last week’s strong gains and almost gave fully into the bears. Thursday’s trade did see a little resilience in the wheat markets with Chicago settling in the green. Though that was lost on Friday. The green did end the week with corn and soybeans. Wheat over the week was helped with dry conditions in the US hard red winter wheat belt. Along with developing La Nina conditions in the pacific. Argentina also saw a late frost on their wheat crop this week. Although damage is not suspected to be huge. As for corn a rising dollar is putting the breaks on energy futures. That is hurting ethanol margins and in turn corn demand. The latest crop progress report also shows harvest is starting around the country for most row crops and outside of Iowa most yields aren’t horrible. Soybeans had an impressive run to the upside the last couple of weeks. That has come to an end this week with most of the contracts now back below $10. Going into the week the funds were heavy in the soybeans with open interest rising to 974,373 contracts, which was just below the record open interest posted in early 2017. However with the heavy selling this week that open interest has quickly retracted. That could have helped create momentum for the computer traders to push the market lower.

USDA announced sales up to Thursday when for the first time since September 2nd there were no sales to announce. Sales resumed again on Friday with unknown destinations purchasing 100,000 MT of soybean meal. On Monday the USDA announced sales of 171,000 MT of soybeans to unknown destinations, 132,000 MT of soybeans to China and 132,000 MT of soybeans to Pakistan.  Tuesday USDA announced 4 flash sales. Two to China; 266,000 MT of soybeans and 140,000 MT of corn. Two to unknown destinations; 264,000 MT of soybeans and 320,000 MT of corn. Wednesday China purchased 132,000 MT of soybeans. Unknown destinations purchased 126,000 MT of soybeans.

Livestock ended mixed on Friday, but with a reversal of Thursday’s action. Lean hogs ignored the higher market ready supply proposed by USDA. Rather traders followed the strong cash market suggesting the actual market hog supply is tighter than expected. Friday also brought the latest cattle on feed report. Placements took out the highest of analyst estimates at 109% of the previous year.  This will likely induce more selling in the feeder cattle futures on Monday. On Thursday cattle were supported with increase export sales from USDA. Last week beef net export sales increased 26%. Beef exports increased 24%. Pork net export sales on the other hand dropped 25% from last week’s huge sale. China and Mexico were still the top buyers though. Pork exports were up 25% though with China taking delivery of nearly 11,000 MT. As for the quarterly hogs and pigs report the data was neutral to slightly bearish showing a slight increase in market ready hogs from the June report. Analysts are debating the data though suggesting that a larger market hog supply would not be justifying the current strong cash market.

Tuesday the cold storage report showed a monthly build in frozen red meat, but still well below year ago levels. Total red meat supplies in freezers were up 3% from the previous month but down 13% from last year. Total pounds of beef in freezers were up 5% from the previous month but down 2% from last year. Frozen pork supplies were up 2% from the previous month but down 23% from last year. Stocks of pork bellies were down 28% from last month and down 33% from last year.

In the country on on Friday there were scattered bids, but it appeared that the majority of business had concluded for the week. Cash developed different this week than what it has over the past couple of months. Feeders held until Thursday when cash finally developed at $105 live $165 dressed. Both $2 higher than last week’s weighted averages.

The Fed Cattle Exchange Auction today listed a total of 683 head (two lots each in Kansas and Texas), of which 219 actually sold, 195 head were listed as unsold, and 269 head were listed as PO (Passed Offer). The state by state breakdown looks like this: TX 417 total head, with 148 head sold at $104.25, 0 head unsold, 269 head listed as PO ($104.25); KS 266 total head, with 71 head sold at $104.00, 195 head unsold, and 0 head listed as PO. The delivery date/price range breakdown is as listed: 1-9 day delivery: 464 head total, of which none sold; 1-17 day delivery 219 head total, all sold, with a price range of $104.00 to $104.25.

For the week ending September 12, 2020, Imported Beef Passed for Entry in the U.S. totaled 36,388, 84.37% of the previous week and 81.60% of the 4-week average.

Expected Slaughter numbers Friday

Cattle

120,000 hd today 117,000 hd wk ago 114,122 hd yr ago

Saturday

49,000 hd Sat. 53,000 hd wk ago 66,598 hd yr ago

Hogs

483,000 hd today 482,000 hd wk ago 481,661 hd yr ago

Saturday

225,000 hd Sat. 187,000 hd wk ago 284,954 hd yr ago

Midday Carcass Value Friday

Beef

Choice up 1.74 219.22

Select dn 0.37 207.37

C/S Spread 11.85

Loads  67

Pork

Carcass up 0.91 92.94

Bellies up 0.67 152.78

Loads 252

Grain Settlements

  • Corn up 1/4 – 1 3/4
  • Soybeans dn 2 1/4  up 5
  • Chicago Wht dn 4 1/4 – 5 3/4
  • Kansas City Wht dn 6 3/4 – 8 1/4

Livestock Settlements

  • Live Cattle dn 0.07 – 1.05
  • Feeder Cattle dn 0.97 – 2.20
  • Lean Hogs up 0.62 -2.27
  • Class III Milk up 0.02 – 0.70

Pre-Opening Market Broker Commentary

Mark Gold, Top Third Ag Marketing, discusses overnight grains and what the trade may see today. Unknown destinations were back in the market for soybean meal.


Jerry Stowell, Country Futures,  looks at what may impact the livestock futures today. Quarterly hogs and pigs report may prove bearish for the lean hog market .


Mike Zuzolo, Global Commodity Analytics, takes a look at the midday trade. Grains are split and computer traders could be adding momentum.


John Payne, Daniel’s Ag Marketing, takes a closer look at today’s grain close. Grains could be range bound until the stocks report next week.


Jack Fenske, York Commodities, looks at the closing market numbers. Grains could have put highs in, but Fenske says seasonally grains put highs in next week.

While the markets took a wild ride on Monday the NASS crop progress report looks fairly uneventful. Row crop harvest is getting started somewhat ahead of the five year average. That has been expected by many though given the early and swift planting that occurred. After big double digit increases in the soil moisture profile last week dry conditions have set back in and are slowly taking the soil moisture down.

In a full breakdown of the report we start with corn in the dent stage. It’s essientially complete across the country this week at 95%. That is up 6% from last week and still 5% ahead of the five year average. 97% of Nebraska corn is in the dent stage, 96% of Kansas corn is in the dent stage and 94% of Iowa corn is in the dent stage. All just a few points ahead of the five year average.

Corn maturity is also moving along swiftly with a nationwide rating of 59%. That is an 18% increase in the mature corn from a week ago. It’s also perfectly 10% ahead of the five year average. In the Midwest; 93% of the Nebraska corn crop is mature, 81% of the Kansas corn crop is mature and 66% of the Iowa corn crop is mature. All of these are ahead of their respective five year average, except Kansas which is 1% behind the five year average.

Corn harvest slowly moves along in the country up 3% nationwide from last week to 8% complete. Unlike the rest of the corn stages harvest is actually behind the five year average of 10%. Texas is by far the farthest along in corn harvest with 69% of the crop out of the field. Nebraska has 10% of the corn harvested. Iowa has 4% of the corn harvested. All these states are still ahead of their five year average. Kansas on the other hand has harvested 16% of their corn crop is 6% behind the five year average.

Finally with corn the overall condition of the crop remains little changed from last week. Nationwide the crop ticked up 1% to 61% good to excellent. Nebraska corn increased 3% to 63% good to excellent. Kansas corn remains unchanged week to week at 54% good to excellent. Iowa corn also remains unchanged week to week at 42% good to excellent.  Illinois corn follows the Nebraska plan with corn conditions rising 3% to 73% good to excellent.

Staying with row crops soybean dropping leaves is now considered 59% complete across the country. That helps it stay 9% ahead of the five year average. 82% of the Nebraska soybean crop has dropped leaves, 48% of the Kansas soybean crop has dropped leaves and 66% of the Iowa soybean crop has dropped leaves. All of these are well ahead of their five year average.

Soybean harvest is also now far enough along to be recognized by crop progress. Nationwide 6% of the soybean crop has been harvested. That is fully steady with the 5 year average. In Nebraska 10% of the soybean crop has been harvested. Iowa, 7% of the soybean crop has been harvested and in Kansas 2% of the soybean crop has been harvested. All of these are well ahead of the five year average of Kansas takes the cake doubling their five year average for soybean harvest.

Just as corn soybean condition rating is relatively unchanged week to week. Nationally the soybean crop is rated 63% good to excellent, unchanged week to week. Also remaining unchanged week to week is Illinois soybeans at 71% good to excellent and Iowa soybeans at 48% good to excellent.  Nebraska soybeans actually increased 2% week to week at 66% good to excellent. Kansas was one of the few states to see an actual decrease in soybean conditions with a drop of 6% to 45% good to excellent.

Now to sorghum. Sorghum maturity continues to be ahead of the  five year average with a national rating of 51% mature, 3% ahead of the five year average. Nebraska sorghum has reached 49% maturity. A solid 13% ahead of the five year average.

Sorghum harvest is starting to get underway. Nationwide 27% of the sorghum crop is out of the field. That is 2% behind the five year average. In Nebraska 2% of the sorghum crop is harvested. 1% behind the five year average.

Nationwide the sorghum crop is rated 51% good to excellent, down 1% from last week. In Nebraska the sorghum crop is rated 66% good to excellent. A sharp 6% decline from last week.

Winter wheat continues to go into the ground with 20% of the national crop planted. Just 1% ahead of five year average. Nebraska is well ahead of the Kansas at 40% planted. Kansas is 14% planted.

Winter wheat is also starting to emerge with 3% of the national crop above ground. 1% of the Kansas crop has emerged and 0% of the Nebraska crop has emerged.

After big gains last week pasture and range conditions fall this week. Kansas range condition fell 4% to 37% good to excellent. Nebraska pasture condition fell 1% to 40% good to excellent.

Soil moisture was also tightened this week due to dry conditions re-emerging. In Nebraska the topsoil rating dropped 6% to 48% adequate to surplus and the subsoil rating dropped 3% to 44% adequate to surplus. In Kansas topsoil moisture was unchanged week to week at 63% adequate to surplus, subsoil moisture actually increased 2% to 62% good to excellent.

You can see the USDA report here: https://downloads.usda.library.cornell.edu/usda-esmis/files/8336h188j/2227nd802/h415q0669/prog3920.pdf 

Clay Patton recaps the report here:

 

Thursday brought about another strong day of gains in the grain market. Soybeans continue to hold well over the $10 mark. Looking at a continuous chart that puts soybeans back towards highs not seen since early 2018 before the US China trade war kicked off. Kyle Bumsted with Allendale Inc. believes this now give farmers a unique opportunity to go back and visit their marketing strategy. 2019 has been a year that farmers have seen plenty of government payments, but now the market seems to be giving opportunity to market at a profitable level.

Bumsted also gives strong insight into why the feeder cattle corn spread may be nearing it’s useful end. Rather feeders are looking at the cash difference between the fats getting on the truck and the lightweights coming off the truck. Finally there is the lean hog market that really caught fire on Thursday. Could it be starting to get top heavy or is there more room to go higher?

You can hear all of Bumstead’s comments here:

Mike Zuzolo, Global Commodity Analytics, joins the Fontanelle Final Bell on a turn around Tuesday in the ag commodity markets. Zuzolo highlights that today’s pullback was bound to happen sooner rather than later. Still in the soybean complex it’s good to see the July contract holding the strong physiological level of ten dollars. Now the question becomes can the current run of Chinese demand and South American production workout to allow the rally to continue. Zuzolo also breaks down the current buys being made by China and how they compare in the big picture of the Phase One Trade Deal.

In the second half of the program Zuzolo talks funds in the ag commodities and livestock. Cattle may be starting to hit overbought levels despite the fact cattle seasonally are in a slump after the Labor Day holiday. The conversation ends on the importance African Swine Fever still has on the markets.

Catch the full show here:

The mid September crop progress report from NASS shows a substantial jump in moisture ratings from last week’s cool rain event. There is also a notable increase in pasture and range conditions due to the moisture. Aside from that the corn and soybean crop remain relatively unchanged and still well ahead of schedule when compared to the 5 year averages in most categories.

Starting at the top of the report which is now corn in the dent stage where 89% of the country has reached. That is 7% ahead of the five year average. Nebraska has reached 94% dent stage, Kansas has reached 91% and Iowa corn has reached 90% dent stage. All of those well ahead of their respective five year averages.

Corn maturity is also well ahead nationwide at 41%. The five year average is 32%. Iowa and Nebraska almost double their corn maturity five year averages at 48% & 49% respectively. Kansas on the other hand actually fell 1 % behind it’s five year average for corn maturity to 49% mature.

With that much of the corn crop already mature harvest is getting underway in several states. As an aggregate the national corn harvest is considered 5% complete. Right on track with the five year average. Texas of course is the furthest along with corn harvest at 67% complete. Nebraska has harvested 4% of the state’s corn crop that is 3% ahead of the five year average. Kansas though is again behind in corn harvesting with only 8% of the crop picked, 3% behind the five year average.

As the case has been for the last several week’s corn condition in the country continues to decline. Nationwide the corn crop is rated 60% good to excellent. Down 1% from last week. Nebraska and Iowa also dropped 1% to 61% and 42% good to excellent. Kansas corn increased 1% to 54% good to excellent. Illinois not to be outdone by Kansas increased 2% in the corn condition to 72% good to excellent.

Now to the soybean crop where 37% of the nations crop has dropped leaves. That is 6% ahead of the five year average. As for Nebraska 61% of the soybean crop has dropped leaves. That is perfectly 20% ahead of Iowa who has dropped leaves on 41% of the soybean crop. Either way both states are double digits ahead of their five year averages. Kansas soybeans dropping leaves is now at 32% complete. That is ahead of the five year average of 19%.

Soybean condition like corn dropped this week across the country to 63% good to excellent. Down 2% from last week. Nebraska and Iowa soybeans though bucked the trend and increased 1% apiece to 64% and 48% good to excellent. Kansas soybeans remained unchanged on the week at 51% good to excellent. Illinois though outdid all these states again with their soybeans improving 3% to 71% good to excellent.

Poor mans corn or one of the hottest commodities currently for China is sorghum. 39% of the US sorghum crop has reached maturity. That is even with the five year average. In Nebraska sorghum maturity is 9% ahead of the five year average at 26%.

Sorghum condition seems to have more elasticity than corn or soybeans. Nationwide the sorghum crop is rated 52% good to excellent, up 3% from last week. Nebraska though saw a 14% increase in it’s sorghum condition rating to 71% good to excellent.

Last week’s rain helped to bring the pasture and range condition back around in Nebraska. Nebraska pasture and range improved from 25% good to excellent to 41% good to excellent this week. Kansas pasture and range remained unchanged week to week at 41% good to excellent.  Looking around the country West Virginia actually did nearly the opposite of Nebraska with their pasture and range condition falling 11% week to week at 67% good to excellent.

Topsoil and subsoil moisture both seem to benefit from last week’s moisture as well. Nebraska topsoil moisture improved 17% to 54% adequate to surplus. Kansas topsoil moisture improved 19% to 63% adequate to surplus. Subsoil moisture in Nebraska is now rated 47% adequate to surplus. An increase of 14% from last week. Kansas subsoil moisture improved 8% from last week to 60% adequate to surplus.

You can see the full report from NASS here:

https://downloads.usda.library.cornell.edu/usda-esmis/files/8336h188j/qr46rp789/2r36vm941/prog3820.pdf

Clay Patton breaks down the full report here:

 

 

As expected USDA and the World Outlook Board lowered their predictions for US production of corn and soybeans. Soybean ending stocks were also reduced giving bulls there added incentive to continue buying. USDA also excluded 550,000 acres of corn in Iowa due to the derecho wind event.

Wheat may be the biggest loser on the day with USDA raising it’s estimate of Australian production. US and global stocks also appear to be plentiful for wheat.

 

 

US Corn & Soybean Production 2020 Millions of Bushels September Average Range USDA August USDA 2019
Corn 14,900 14,833 14,625-15,095 15,278 13,617
avg. yield 178.5 177.7 174.8-181 181.8 167.4
Soybeans 4,313 4,286 4,192-4,391 4,425 3,552
avg yield 51.9 51.6 50.5-52.9 53.3 47.4
US 19-20 Stock Pile Millions of Bushels September Average Range USDA August
Corn 2,253 2,271 2,128-2,756 2,228
Soybeans 575 605 561-664 615
US 20-21 Stock Pile Millions of Bushels September Average Range USDA August
Corn 2,503 2,439 2,152-2,697 2,756
Soybeans 460 461 379-576 610
Wheat 926 926 900-948 925
World Stockpiles19-20 Million Metric Tons September Average Range USDA August
Corn 309.2 311.7 309.1-317.5 311.3
Soybeans 96 95.6 94-96.5 95.9
Wheat 299.8 302.8 299-316.8 300.9
World Stockpiles 20-21 Million Metric Tons September Average Range USDA August
Corn 306.8 310.4 304-317 317.5
Soybeans 93.6 93.2 89.5-100 95.4
Wheat 319.4 316.1 313.1-319 316.8

Sam Hudson with Cornbelt Marketing joins the Fontanelle Final Bell as the markets get back to work after the Labor Day holiday. In the grains they essentially picked up where they left off last week. Soybeans notched their 11th consecutive higher close. The rally partially driven by strong Chinese demand. However Hudson is cautious to ride the Chinese demand bull to far because China has spoken for a lot of grain, but has not taken a lot of delivery yet.

Hudson also covers how the current moisture and cool temperatures could impact markets. Overall he expects the impact to be negligible as the moisture may be a little to late and frosty temperatures not too damaging.

Catch the full episode here:

TOPEKA, Kan. — When Leo Budy enrolled in the chemical engineering program at the University of Kansas, a classmate told him that the KU Biodiesel Initiative sought new volunteers. The grassroots, student-run operation produces biodiesel from used cooking oil generated on campus. He eagerly checked into it and hasn’t looked back since .

“When I got the first tour of the lab, I knew I had stumbled across something that I could really get excited about,” Leo says. “I volunteered in the lab over the course of the summer, and I got absolutely addicted. The more time I spent in the lab helping to clean, organize, and maintain the biodiesel production process, the more captivated I became.”

The KU Biodiesel Initiative that Budy is a part of is supported by the Kansas Soybean Commission. The Commission has long recognized the importance of biodiesel as a market for utilizing their soybeans and have invested in biodiesel research and market development. Since 2007, they have been in partnership with the University of Kansas to develop students.

Budy is one of four new co-chairs selected to lead the national Next Generation Scientists for Biodiesel program. A program of the National Biodiesel Board and United Soybean Board for college-level science students, NGSB fosters professional relationships between budding and established scientists, shares accurate information and increases collaboration with academia and the biodiesel industry.

“As we strive for our goal of 6 billion gallons of biomass-based diesel by 2030, which would double our industry’s current production, science will play a vital role,” said Donnell Rehagen, NBB CEO. “Our four new co-chairs bring diverse and promising research, as well as exciting outreach experience to NGSB.”

In a live Zoom event – “Science, Live: Meet Biodiesel Scientists Making an Impact” – on September 10, the NGSB will introduce its new leaders, who will share the real-world impact of their biodiesel-related initiatives. It will also feature other scientists on NBB’s thriving efforts in low-carbon California, and ways U.S. soy is innovating.

In addition to Budy, the three other new NGSB co-chairs are as follows:

  • Zenith Tandukar, a PhD student at the University of Minnesota studying Agronomy and Plant Genetics
  • John Cramsey, an undergraduate chemical engineering student at Iowa State University.
  • Jenny Frank, a PhD student at the Stat University of New York College of Environmental Science and Forestry.

The new co-chairs all received scholarships to attend the National Biodiesel Conference & Expo earlier this year. The NBB offers competitive travel scholarships to NGSB members. The application process for the 2021 conference will open in the fall.

Made from an increasingly diverse mix of resources such as soybean oil, recycled cooking oil and animal fats, biodiesel and renewable diesel are better, cleaner fuels that are available now for use in existing diesel engines without modification. NBB is the U.S. trade association representing the entire biodiesel and renewable diesel value chain, including producers, feedstock suppliers, and fuel distributors. NBB is funded in part by the United Soybean Board and state soybean board checkoff programs.

As expected by much of the agriculture industry Monday’s crop progress report from NASS showed a significant drop in Iowa crop conditions following the derecho wind event. The report also showed winter wheat harvest almost complete across the country and the state with the best rates range condition is in New England.

The report starts off with corn entering into the dough stage, which 76% of the countries corn crop has reached. That is still keeping pace ahead of the 5 year average at 69%. Nebraska corn in the dough stage is set at 88%. That is 16% higher than the 5 year average. Iowa and Kansas corn were both rated to have reached 81% in the dough stage. 4% and 9% ahead of their respective 5 year averages.

Corn entering into the dent stage across the country is now at 23%. That more than doubles the amount of corn in the country from last week in the dent growth stage. Nebraska corn is 29% in the dent stage up from the 5 year average of 20%. Iowa corn in the dent stage is rated 26%. That is 7% higher than the 5 year average. Kansas corn in the dent stage is rated at 40%.

The number that many were wanting to see was the national corn condition and it fell 2% to 69% good to excellent. Iowa corn condition fell 10% to 59% good to excellent. The sharp drop in condition comes after the big winds last week that damaged to some extent as much as 14 million acres. Kansas corn actually improved 1% to 63% good to excellent. Nebraska corn fell 5% from last week to 73% good to excellent.

The soybean crop has essentially finished blooming at 96% across the country. Nebraska joins Louisiana and Michigan at 100% bloomed. Iowa soybeans have reached 97% bloomed and Kansas soybeans have reached 90%.

Soybean setting pods across the country is considered 84% complete. That is up 5% from the 5 year average. Iowa and Nebraska are both tied at 90% setting pods. Kansas soybeans have set pods on 73% of the crop.

The national soybean condition rating reverted back to what it was just a few week ago, 72% good to excellent. Like corn Iowa soybeans took a big hit falling 8% from last week to 62% good to excellent. Kansas soybeans dipped to 69% good to excellent. Nebraska soybean condition fell 5% week to week to 76% good to excellent.

Sorghum is almost completely headed out in Nebraska at 95%. That is actually the most headed out sorghum in the country. Texas is a close second at 91%. Nationally 83% of the sorghum crop has headed out.

The national sorghum condition fell 1% to 67% good to excellent. Nebraska sorghum is now rated 71% good to excellent. That is an increase of 7% from last week.

Winter wheat harvest is almost to the finish line across the country at 93% complete. That is still 3% behind the 5 year average. Idaho and Montana are the still the biggest stragglers with only 60% of the winter wheat corp harvested.

Oat harvest continues to roll along and is almost 2/3rds done across the country. Nebraska is just behind Texas with 98% of the oat crop harvested.

Pasture and range condition continues in mixed fashion across the country. Nebraska and Kansas range is considered 55% good to excellent. Vermont actually has the highest rating of pasture and range condition in the country at 92% good to excellent. Of large states Florida has one of the best range conditions at 79% good to excellent.

Topsoil moisture continues to gain in Kansas at 76% adequate to surplus. Nebraska top soil is trying to hold it’s own at 53% adequate to surplus.

Subsoil moisture is a similar story with Kansas at 75% adequate to surplus and Nebraska subsoil moisture at 58% adequate to surplus.

See the full crop progress report here: https://downloads.usda.library.cornell.edu/usda-esmis/files/8336h188j/zc77tc78q/bv73cn80z/prog3420.pdf

Clay Patton has an audio recap of the report here: