The US weather map, well for the US upper midwest at least, turned a little drier looking for the next 7 days. Missouri is still likely to see some 2″ to 3″ of rain but Kansas and the central and western corn belt will most likely see just a light shower or two of less than an 1″.
It will still be interesting to see what the planting progress is on Tuesday’s report and the WASDE out on the 11th.
Producers in the US have jumped on the recent rally and reports of good grower sales volume for wheat also put pressure on the market.
Hard red wheat futures were the hardest hit overnight. There were also double digit losses in both soft and spring wheat futures. Technically December soft wheat futures at Chicago are still very much overbought and another session or two at least of lower closes are likely prior to next week’s USDA report. With the planting delays associated with corn we may see support come in sooner than would normally be expected though.
Private estimates of US corn area are starting to hit the wires prior to next week’s official report from the USDA. One such report has suggested sown area closer to 84.9mac versus the current USDA number of 92.8mac. This could see a crop closer to 345mt as opposed to the current USDA number of 382mt.
Canola was weaker again but dry conditions north of an east west line through Regina are becoming a major concern in Canada.