Chicago soybeans clawed back a slice of what they gave up yesterday. The Brazilian Real bounced, it managed to take back around half of what it lost the previous day. This gave support to US soybean futures and when combined with a wetter than desired weather map for the next seven days we saw beans move higher by the close but not by enough to prevent a week on week decline.
Chicago corn and wheat futures also managed to close higher. Corn, like beans, found support from the wetter US outlook making the punters think we will see further delays and fields needing to be resown in next week’s crop progress report.
The rain in the US is predicted to be quiet heavy across the HRW belt and east up into the corn belt but generally the spring wheat belt across N.Dakota and Montana doesn’t look too wet, just a few showers.
North Dakota durum sowing is a little behind last year’s pace but is still better than the five year average. With around 52% of the durum sown around the end of last week it should be off to a very good start.
I was reading a report yesterday that showed EU durum production is expected to be lower in 2017 as well. Output is expected to fall around 300kt to 8.6mt this year.
A lot will depend on what Canada does and what they have done with last year’s feed durum as that is blowing out carry over data.