Crop Ratings Continue to Deteriorate
Nov 06, 2012
Kansas City wheat futures traded higher this morning, supported by further declines in the winter wheat crop ratings in yesterday's crop progress reports, according to traders.
All winter wheat is now estimated at 39% good-to-excellent, versus 40% last week. Kansas stayed unchanged at 37% good-to-excellent from last week, Oklahoma came in lower at 21% good-to-excellent versus 27% last week, and Nebraska improved from 9% good-to-excellent last week to 13% this week.
The effects of the ongoing drought continue to affect the emerging HRW wheat crop, traders said. There also continues to be not a lot of rain in the forecast for HRW wheat areas, traders added.
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