Is it just me or is anyone else starting to think that, a) The punters in the US can’t read a weather map and suffer from short term memory loss or, b) The people building the weather maps are serious futures traders.
Soybeans led the US grain futures market lower when the midday weather forecast called for more rain that previously predicted for next week and the chance of the high temperatures to ease quicker than expected. When beans broke the 50 day moving average the fund manager stepped in and became net sellers of wheat, corn and beans.
Wheat yields in Kansas have been excellent and are now expected to average around 3.76t/ha, over half a tonne better than this time last year.

Wheat harvest in the Black Sea states is progressing nicely with Russia stripping around 10.8mt of an expected 64mt of wheat to date. Ukraine is progressing nicely with good yields and recent heat making for good harvesting progress.

The durum crop in North Dakota was at 85% headed on Monday, that’s about 30% ahead of last year. Around 6% of the crop is turning and it is currently rated at 76% good to excellent. Storm damage is evident in some crops but generally it is very good.