It seems to have been a night of profit taking in the USA. With grains lower across the board.
There are some weather models predicting warmer weather across parts of the US corn belt next week. This should assist what is in the ground to start to recover from the cooler wet conditions it was sown into. Let’s not get too far ahead of ourselves though, the next 3 days are expected to see large swaths of the central and eastern corn belt receive up to 3″ of unwanted rainfall. Localised flooding is expected across parts of Oklahoma, Kansas, Missouri, Iowa and Illinois.
Further is flooding is the last thing the logistics industry in the US needs now that the Mississippi is open again. It has enough trouble moving what barges are already backed up from prior closes.
Wheat came out of the session the better off of the 3 grains. Weakness was generally seen as spill over selling from the sharply lower corn and soybean pits. Rain delays in the HRW belt and talk of head scab continue to support wheat.
Crop tour reports from Ukraine and Russia are starting to indicate that the crops there are at least average this year. Recent increases to both the Russian and Ukraine official winter wheat production estimates are confirming this.
In the UK they are getting a taste of farming in Australia, last year drought, this year flood, let’s see what assistance they can get.