US Crop Progress data as of Nov. 14, showed winter wheat planting had reached 94% completion.
That was up 3% points from last week and two points behind 2020’s pace of 96% but identical to the prior five-year average.
Emergence was seen at 81%, compared to 74% last week and 83% on average.
Analysts assumed USDA would leave quality ratings unchanged, but the agency pushed them a point higher, with 46% of the crop rated in good-to-excellent condition.
Another 33% is rated fair (up 1 pts. from l.w), with the remaining 20% rated poor or very poor (down 2 pts from l.w.).
BUNGE put the Argentine harvest at 12% complete (16% last year, 13% average), with GD/EX ratings up 4% at 50% GD/EX against just 15% last year.
According to FranceAgriMer, French farmers had drilled 87% of the expected softwheat area by Nov. 8, against 80% the previous week and 86% a year ago.
Durum wheat sowing, meantime, was lagging last year’s pace, with only 38% of the expected area drilled, compared with 50% a year ago.
Matif Dec. wheat rose l.w. to a record high of €300.50/mt before easing.
However, this is still $100/mt below the all-time high in US$ terms set in 2008 because the Euro was at $1.55 in 2008 vs. $1.13 today.
Meantime, Algeria which usually buys French wheat, due to very tight damage specifications that some shippers cannot comply, is now loosening their specs so more suppliers can qualify.
Consequently, French wheat futures immediately dropped from their all-time high on Friday.
Ukrainian agricultural companies had sown 6.2 million hectares of winter wheat as of Nov 11, or almost 94% of the planned area of 6.66 million hectares.
Winter wheat sowing plans were not fulfilled by two leading wheat growing regions of Zaporizhzhia and Odessa, as a lack of rain had affected about a third of planted areas.
Meantime, Ukraine ‘s wheat exports were 16.9% higher YoY at 13.1 million mt from the July 1 start of the marketing year 2021-22 through Nov. 15, data released Nov. 16 by the country’s agricultural ministry showed.
Russian Ag Min. is contemplating changing the formula used for calculating the wheat export tax and is also contemplating implementing a wheat export quota.
The current export tax stands at $77.70/mt, up $10.30/mt from last week.
There are reports that tax formula could rise by $25/mt in January if prices reach $400 per tonne.
While the export quota is said to come into effect in Mid-February.
Meantime, Russian wheat exports are down by 34% since the start of the 2021/22 marketing season on July 1.
Heavy rain continues over Eastern Australia and concerns over wheat quality are increasing.
Next week looks drier but as La Nina builds, further rain is projected through December.
Thus Australian quality remains a big concern as rains continue.
