The weaker US dollar helped Chicago grain futures close a little higher across the board on Friday night. The row crops also found support from wet weather. Reports of up to 8″ of rain falling across the lower Mississippi over the last 12 hours may see planting delays drag on for a little longer than initially expected. At least for the southern soybean and cotton crops.
Conditions in the US should begin to improve from about the middle of next week.

Increased feed grain import demand from Brazil, thanks to a poor late corn crop, is expected to benefit the US. Export sales from the US were very good for corn last week and if the pace is sustained we should see both corn and soft red wheat values remain well supported at least in the US if not globally.

The rain in the US couldn’t have been more timely for the hard red wheat crop. With around 50 – 60% of the crop now in head or flowering yields are expected to improve.

Russian wheat exports for 205-16 should come in around 25mt, a new record, 2016-17 exports are also pegged at 25mt.