Dry Commodity Trends

According to cash traders, bulk sugar offers for 2026-27 remain firm for both beet and cane sugar over the last week, with a steadier pace of new crop bookings being executed
In its weekly Crop Progress Report, the USDA said 79% of the sugar beet crop in the four major growing states was planted as of May 10, up from 55% a week earlier. While this is well behind the year-ago pace of 90%, it’s above the five-year average progress for the date of 72%
The USDA reported that the 2026 Louisiana sugar cane crop was rated 58% good-to-excellent as of May 10, down from 66% a week earlier, down from 60% a year earlier and below 67% as the five-year average for the date
In its World Agricultural Supply and Demand Estimates (WASDE) report released May 12, the USDA projected 2026-27 U.S. sugar production at 8,810,000 tons, down 429,000 tons, or 4.6%, from 2025-26, with beet sugar at 4,722,000 tons, down 299,000 tons, or 6%; and cane sugar at 4,088,000 tons, down 130,000 tons, or 3.1%

Domestic dry bean end users have completed their Q3 coverage needs and continue to assess Q4 offers, according to this week’s updates from cash dealers
According to the weekly Crop Progress Report from the National Agricultural Statistics Service, 1% of the dry edible bean crop and 14% of the dry edible pea crop had been planted in North Dakota, while 10% of the dry edible bean crop, 33% of the lentil crop and 37% of the dry edible pea crop had been planted in Montana
The latest round of USDA-posted weekly cash offers were 11%-13% lower than last year’s levels for the spot position delivered to the warehouse for most dry bean varieties

U.S. cash dealers report that domestic bookings of milled and industrial rice are currently complete through Q3, with end users assessing offers for Q4
In its World Agricultural Supply and Demand Estimates report released May 12, the USDA forecast global rice production in the coming 2026/27 season at 538 million tons, the first decrease since 2015/16
Since the end of April, July rice futures have rallied nearly 15% to a nine-month high

The wheat markets were sharply higher this week
According to AgWeb, U.S. farmers this year will harvest their smallest wheat crop since 1972, as a severe drought in the U.S. Plains has curbed production of hard red winter wheat, the largest variety grown in the U.S., the Department of Agriculture said
The annual Wheat Quality Council’s crop tour runs through late this week and is expected to confirm the lower winter wheat yields expressed by the USDA’s numbers, according to analysts
According to the weekly crop conditions report released by the USDA on May 11, the winter wheat crop is rated 28% good-to-excellent, down from 31% the prior week, and below the 54% rating at this time last year. The U.S. spring wheat crop was 53% planted, up from 32% the previous week, and above the five-year average of 51%
U.S. wheat prices remain very uncompetitive to non-captive destinations for export, according to analysts
According to World-Grain.com, surging fertilizer prices are beginning to reshape global grain production, as farmers cut nutrient use, switch into less input-intensive crops or scale back planting altogether, raising certain risks for wheat in the 2026 season, and possibly beyond