Initially corn and soybean future fell sharply on the back of big S.American crops in last night’s USDA report. After getting up off the floor both grains recovered and managed to settle close to unchanged for the session, corn down only half a cent and beans off two and a half cents. Soybeans had a trading range of 15.25c/bu in doing so setting a one year low after the data hit the wires.
By the close of business most punters were happy with the USDA estimates as they were very close to expectations, hence the late rally.
Some of the flood pics coming out of Argentina are exceptional with many hundreds of acres submerged in central west Argentina. What once were roads through flat farming country have become flowing rivers. Around 10″ fell in a short amount of time. The region most affected around Santo Rosa is on the western edge of the Pampas, an exceptionally good farming area.

USDA WASDE report projected world wheat ending stocks higher at 252.26mt, up from 249.94mt last month and a little higher than the average trade guess of 250. Production was generally left unchanged apart from a slight increase to Pakistan while there were slight adjustments lower for consumption in the US and Ukraine.
Turkey appear to be having some supply and stocks issues after banning Russian wheat.