Corn and wheat futures in the US, Paris and London found some upside overnight while Chicago soybeans gave back a little of the recent gains. Canada had a holiday but Paris rapeseed futures managed to buck the trend in Chicago beans and closed up €1.00 in the Feb slot.

Corn futures at Chicago hit a three month high. Speculation on US stocks prior to the release of the report showed the bulk of punters were expecting a larger than reported number. Although the number was larger than the previous months projection it was smaller than the bulk of trade estimates prior to the release. The damage left after the passing of hurricane Helene through the SE is also still being quantified. The level of flooding has broken historical records in many parts. The June > August corn usage may have caught a few by surprise, consumption was well up on the previous year. Both domestic and international disappearance remains good for US corn. US weekly export inspections although lower week on week, were still higher than pre-report estimates.

The USDA weekly crop progress report was out after the close. Harvest progress was probably a little better than expected, 21% of the US corn crop is now in the bin, 3pts above the 5 years average. There was just a 1pt reduction in the G/E rating for corn, many of the southern states are 50%-70% complete. The crop condition rating for US soybeans was unchanged. Cotton was rated at just 31% G/E, a fall of 6pts from last week, that should put a pulse in that market. Around 20% of the cotton crop is off and 26% of the US soybean crop is harvested.

Private global forecaster MARS shows an increase in both area and yield potential against the 5 years average for Russian spring wheat. Production is pegged at 29.788mt, 17% above the 5yr avg. With all the recent rain the million dollar question will be quality and test weight.