US soybean futures were the only grain that came out of last night unscathed. Over the last seven day the US has sold 2.3mt of soybeans, that’s a lot. During the same seven days the CME soybean contract for Sept has fallen 42c/bu. US wheat futures continue along the road of higher one day lower the next, let’s just hope that the steps turn into two steps forward and one step back from here on as it’s basically been the opposite to that for some time now.

In the western FSU weather favoured the summer crops with drier cooler conditions following some showers early in the week. Last week’s brief heat wave across southern Russia may have pruned the yield potential of corn somewhat but generally the season to date has been excellent. As this week dried field work recommenced with wheat harvest and preparations for the winter wheat sowing well under way. Further east conditions favoured spring wheat development which is currently flowering or just starting grain fill. Conditions in the main spring wheat districts have been fairly soft this year and will need to turn around to allow harvest to commence. Protein levels, as in Canada and N.USA spring wheat, are also expected to be a little lower than average.

Good monsoon rain continues to soften summer pulse values in India. Product like pigeon pea has fallen around 20% recently.