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Crop Progress: Winter Wheat at 50% Good-Excellent Condition

For the week ending Nov. 5, 2023, there were 5.8 days suitable for fieldwork, according to the USDA's National Agricultural Statistics Service. Topsoil moisture supplies rated 21% very short, 29% short, 48% adequate and 2% surplus. Subsoil moisture supplies rated 26% very short, 37% short, 33% adequate and 4% surplus.

Field Crops Report:

Corn harvested was 84%, behind 89% last year but ahead of 78% for the five-year average.

Soybeans harvested was 95%, behind 100% last year and near 96% average.

Winter wheat condition rated 3% very poor, 12% poor, 35% fair, 39% good and 11% excellent.

Sorghum harvested was 82%, near 85% last year and 79% average.

Pasture and Range Report:

Pasture and range conditions rated 6% very poor, 11% poor, 27% fair, 39% good and 17% excellent.

Source : unl.edu

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USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

Video: USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension


USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.