Kansas City wheat futures traded higher today after yesterday's delayed USDA crop progress reports estimated the winter wheat crop overall in poor condition, according to traders.
This has been reported as the worst start in the good-to-excellent category for the winter wheat crop since the beginning of official reports, traders added. The entire U.S. winter wheat crop is estimated at 40% good-to-excellent, versus 46% last year.
Kansas is rated at 37%, Oklahoma at 27%, and Nebraska at 9% good-to-excellent. The drought continues to take a toll on the progress of the newly planted wheat crop, traders said.
SovEcon has now downgraded the Russian wheat crop to 37.5 million metric tonnes, down .5 million metric tonnes from their last report and from the USDA estimate, traders said.