In the USA we see corn and soybean futures a little higher while profit taking continues in the wheat pits at Chicago and Minneapolis.
Corn found support from an array of yield projections. From poor yields in the western corn belt to almost irrigated conditions in parts of the central and eastern corn belt, this year’s final US yield estimate may be hard make, I’ll call it less than the current USDA one.
The weekly USDA crop progress report came out after the close and estimated around 79% of the crop is now flowering. The major corn states have around 20-25% of their corn crop in the milky dough stage. The weekly condition rating slipped 1% to 64% G/E. This is looking like a 380mt US corn crop, but as stated above abandonment and silage percentage and final avg yield is still difficult to determine.

With 42% of the US soybean crop setting pods the weather is also important for the oilseed market. Soybeans closed a fraction higher. The dry weather in Canada a consideration, resulting in another rally in ICE canola futures. Paris futures did not follow the N.American oilseed futures markets higher. The G/E soybeans rating in the US slipped 2% to 58%. The market also helped high by strong palm oil numbers.
Drought in Argentina will see Parana river barges shed around 25% of capacity to help negotiate the lower river level.

With 84% of the US winter wheat in the bin and 97% of the spring wheat in head it’s getting easier to guess a final US wheat production number. Spring wheat condition rating slipped lower again, now only 9% rated G/E and a massive 66% rated Poor / V Poor.