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CHICAGO, April 10 (Reuters) – Good-to-excellent ratings for U.S. winter wheat were likely at their lowest in 27 years due to dry soils that have stressed the crop in the U.S. Plains since it was planted in the fall, analysts said.
A weekly U.S Agriculture Department report was expected to show that good-to-excellent ratings for winter wheat held steady at 28% as of April 9, according to the average of estimates given by 10 analysts in a Reuters poll.
If realized, that would be the lowest for this time of year since 1996. A week ago, good-to-excellent ratings came in at 28%.
Trade estimates for winter wheat ratings for the week ranged from 26% to 30% good-to-excellent. The government was scheduled to publish its crop progress and conditions report at 3 p.m. CDT (2000 GMT).
Analysts also predicted that U.S. farmers had planted 5% of their corn crop, up 3 percentage points from a week earlier, and 2% of their spring wheat crop. USDA did not release an update on spring wheat planting progress a week ago.
Corn plantings forecasts ranged from 3% to 6% and spring wheat plantings forecast from zero to 3%.
All figures in percent:
Category
Analyst average
Analyst range
USDA last week
Corn planted (percent)
5
3-6
2
Spring wheat planted (percent)
2
0-3
NA
Winter wheat conditions*
28
26-30
28
*Percent good/excellent
(Reporting by Mark Weinraub; editing by Jonathan Oatis)
((mark.weinraub@thomsonreuters.com; +1 313 484 5282; Reuters Messaging: mark.weinraub.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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