The USDA released the weekly US crop condition report last night. Corn remained at 54% G/E, the same as last week but with 1% falling from excellent to good. Soybeans saw a similar change with G/E rated the same week on week at 57%. Cotton found a 1% increase in the G/E rating, now 30/5 to 35% G/E. US spring wheat harvest moved on to 71% complete with the G/E rating not included in this report.
In last weeks ND Wheat crop progress report US spring wheat rated 76% G/E in N.Dakota and the durum crop there rated 81% G/E.

At Chicago corn and wheat closed in the green while US soybean futures fell away closing 21.5c/bu (AUD$11.73) lower.
The Argentine gov deal with farmers to increase grower soybean sales is apparently working. This is an interesting and creative way to stimulate an industry. The special fixed exchange rate for those selling soybeans has been dubbed the “soy dollar”. Explained simply the government is allowing farmers that take in USD sales of soybeans to convert the USDs at 200 pesos per dollar versus the current exchange rate of 140 pesos per dollar.  What impact this deal will have on the availability of pesos moving forward is yet to be determined. There is speculation that the central bank in Argentina will lift official rates from 69.5% to 75% this month. No wonder these farmers are not selling and or keeping US dollars. The exchange rate deal for soybean farmers is only available in September. Most punters speculate this will see a sharp increase in Argentine soybeans hitting the market in the short term.

There was talk that Chicago wheat futures moved higher on the back of speculation there has been a flurry in recent US sales. It’d be nice to actually see a USDA report confirming this, but they still appear to be broken.