US wheat and corn futures eased in overnight trade on the back of nothing more than routine US export sales and a non threatening weather map. Soybeans futures also eased a little for the outer months dragging both ICE canola and Paris rapeseed futures lower.
Most of the punters were betting on a rise in crop condition ratings for corn and soybeans after the close and they kind of got them. The corn rating was unchanged at 62% G/E but the “good” rating fell 1% with that 1% moving up into the “excellent” column.
Soybeans saw a 1% gain in the “good” column lifting the G/E rating to 60%. If last nights market was expecting to see this and it has been delivered there is probably limited downside in futures tonight but the current trend is lower.
There is around 63% of the US spring wheat crop now in the bin. Early fields are reporting slightly better yields than expected but 1.5t/ha isn’t exactly something to skite about at the pub. Later fields are mixed with some able to take advantage of the late rain while other simply withered in the western US spring wheat belt. The area of the crop actually abandoned or baled will be the true test of this market.
Russia are well on the way to exporting the projected 38mt record they are targeting. Over the last 6 weeks Russia shipped a total of 4.643mt of grain, that’s around 28% more than the same period last year. This is impressive given the late start to the Russian wheat harvest this year.