In the USA corn futures at Chicago moved lower on technical trade. The trade was unimpressed with US export data. Cash markets were mixed with weather delays seeing some locations increasing basis while supply at others elevators saw basis weaken.
Wheat futures became a follower and drifted lower. Weekly US export inspections were within the trade estimate thus there was little fuel for the fire.
The latest crop progress report out after the close in the USA pegged corn harvest at 22% complete compared to 36% last year and 15% last week. With warmer weather expected this percentage should improve over the next 7 days.
The crop condition rating for corn was back 1%, the slippage in good to fair. Soybean harvest is pegged at 26% complete, the average being 49%. Soybeans actually improved 1% in the good to excellent rating, that was a bit of Houdini act. Cotton slipped 1% G/E to 38%.
Spring wheat in the US is pegged at 94% harvested, the last 6% must now me considered nothing more than stock feed. The winter wheat sowing progress was estimated at 65%, bang on the 5 year average for now.

Barley harvest in Australia is pushing south with reports of grain coming off across central NSW already. F1 in parts of the Eyre Peninsula are not far off either. Prices in C-NSW are seen at $300 ex farm. While EP is bid as low as $225 ex farm.