The drier weather outlook in the US had a few punters back on the buy side at Chicago. Corn, wheat, and soybean futures all making some decent gains. Wheat managed to take back around half of Fridays losses. What rain that is forecast to fall in the US is generally across the SRWW belt, this shouldn’t be an issue as it is only the very north of the region that is yet to complete their soft red winter wheat harvest.
In the US Pacific Northwest conditions are expected to remain very hot. Not ideal for finishing their white wheat season but setting up some ideal harvest conditions. With harvest about to start, white wheat prices across the PNW were a little lower, not following spring wheat prices higher overnight.

The USDA crop condition report, out after the close of the US futures session, noted corn now rated Good / Excellent dropped 3%, to 61%. This G/E rating does tend to indicate that the current USDA projected average yield of 177bu/ac (11.10t/ha) may be a little ambitious. Previous years that have averaged a G/E rating this low have come in below 170bu/ac (10.67t/ha), some lower than 160bu/ac (10.04t/ha). The US corn belt from western Nebraska down through Colorado and western Kansas is getting hammered in many locations. Nebraska still rated at 57% G/E is putting a lot of faith in their irrigated crop. Kansas corn is rated 39% G/E, more indicative of the season, while Colorado is rated 36% G/E. The big corn states of Iowa (80% G/E) and Illinois (71%G/E) will need to come home strong this year.
The US spring wheat crop rating was reduced from 71% last week to 68% G/E this week.

China was said to have contracted 1mt of new crop Australian wheat overnight, taking advantage of the recent dip in world values.