U.S. Spring Wheat Ratings Surge and Corn’s the Best Since 1991

(fwbusiness.com) –The U.S. spring wheat crop is posting a surprisingly good start to the season.

Seventy-eight percent of the variety was in good or excellent condition as of June 13, the U.S. Department of Agriculture said June 18 in a weekly report. That’s up from 70 percent in the prior week, and analysts had expected the ratings to stay unchanged.

Spring wheat is known for its high protein content and used in foods like bagels and pizza crust. September futures on the Minneapolis Grain Exchange touched a contract low of $5.5475 a bushel on June 19. That stands in contrast to winter wheat prices, which have climbed this year as drought plagued crops further south in the U.S. Plains and production in major exporters like Russia is expected to decline.

Corn in the U.S. Midwest has also benefited from favorable growing weather. Seventy-eight percent is in good or excellent shape, the most for this time of year since 1991, USDA data show. Meanwhile, soybean ratings dropped 1 percentage point to 73 percent.