The soybean bus got a flat tire last night. It appeared to have run over a sharp looking weather map for the US. The corn belt should see some good falls through the next seven days. The Canadian durum belt should also benefit from some rain.

The weekly US crop condition report had corn unchanged at 75% good to excellent, soybeans at 73% G/E, sorghum at 70% G/E, winter wheat unchanged at 61% G/E and about 25% harvested and lastly spring wheat at 76% G/E back 3% on last week.

Chicago corn futures were weaker on the back of the same weather map that softened soybean futures. The punters were looking for a 3% decrease in the corn condition rating too, (why I don’t know). So with corn coming in unchanged in the condition report we might expect to see weakness spill over into tonight’s session.
US wheat will struggle to find any bullish fundamentals, good harvest progress and better than predicted yields are expected to weigh on the market this week.
Last week saw 78% of N.Dakota durum rated as good to excellent, tonight’s report may well increase this with ideal conditions persisting across the US spring wheat belt.