ADMISI London Wheat Report for 20 May

Argentina’s 2024/25 soybean crop could suffer “significant losses” in northwestern Buenos Aires province due to the impact of recent heavy storms, the Buenos Aires grains exchange said on Monday, indicating it may be forced to trim its outlook. The exchange currently estimates a soybean crop at a decent 50 million metric tons, but said in its report that the heavy rains could further delay the already slow harvest of the grain and cause damage to the plants.  In the northwestern Buenos Aires province 730,000 hectares of the soybean crop have yet to be harvested, the exchange said in a report detailing the impact of the storms.

U.S. farmers had planted 78% of the nation’s corn crop by Sunday, below an average of analysts’ expectations but ahead of the five-year average for this time of year of 73%, the U.S. Department of Agriculture said in a weekly crop report on Monday. Soybean planting was 66% complete, ahead of the five-year average of 53% and slightly higher than most analysts’ predictions. On average, 14 analysts polled by Reuters ahead of the report had put corn planting progress at 79% and soybean planting at 65%. Favorable planting weather helped to speed progress in much of the Midwest last week. In Iowa, the top U.S. corn producer and No. 2 soybean grower after Illinois, 6.6 days last week were suitable for fieldwork while Illinois, the second-largest corn state, had 5.8 days, the USDA said. Rain slowed progress in portions of the southeastern Midwest where fatal storms also struck over the weekend. Chicago wheat futures rose on Tuesday to a near two-week high as a weaker dollar and unexpected decline in U.S. crop ratings encouraged more short-covering after prices hit a five-year low last week.

High temperatures and a lack of rain over the coming months are expected to deplete the harvest in Russia’s largest grain region Rostov, the head of the local grain lobby group said after a farming emergency was declared. Rostov Governor Yuri Slyusar issued a decree on May 19 introducing the state of emergency for farming after spring frosts and ordered local authorities to evaluate the damage.