The pressure remained on US corn futures with a new contract low for December being set at US$3.84 3/4 per bushel, that’s about AUD$210 /t to you and me. There is continued talk of a big US corn crop getting bigger but we really don’t know until we see a few more headers in the field. On Monday’s USDA crop progress report around 20% of the US crop was reported as matures and only 5% had been harvested with progress mainly across Texas.
Chinese corn futures at the Dalian exchange were also a little lower closing at Y1857, or about AUD$377 / tonne. Weather conditions in China remain mixed with parts of the N.China plains seeing solid rainfall over the past couple of weeks while further south in the sorghum growing districts on Henan the last two weeks appears to have been relatively dry.

Funds spent the day liquidating any long positions they had in US wheat futures ensuring a close in the red.
Around the world we do see some good demand popping up for wheat though with tenders from Algeria 600kt, Saudi Arabia 595kt and Morocco for 336kt of durum all due in the short term.

In the US we might be about to see the break of soybeans as an indicator of world oilseed values. Just as harvest starts in the north many elevators are not even posting a bid for soybeans as no beans have been sold out of the PNW since June.