There is a lot of disbelief from the US farmer in regards to some the US spring wheat tour yield estimates.
Looking at some of the photos and what they have estimated the yield at I can understand why. Yes there are some good crops and yes yields are very low once you get west of central N.Dakota, some down to 5 and 8 bu/ac but many believe the estimates they are calculating are not low enough. I guess we’ll find out in a week or so once the big green lie detector comes out of the shed.
There is also talk that the abandonment rate is much higher than first thought too.

Even with farmers in the US calling yield estimates too high we did see spring wheat futures in the US pull grains higher in overnight trade. There was also some bargain hunting after the last few days of losses in the row crops.

The stronger Aussie dollar (weaker USD) is expected to counter any move higher that US grain futures managed to claw back last night. Canola is likely to be the best performer today with good moves in both ICE and Paris rapeseed futures and the dollar being less of a problem with CAD and Euro cross rates less volatile.