A spat of technical selling in Chicago soybean futures created weakness in both wheat and corn.
Wheat futures had their own fundamental news to contend with. Crop tour reports coming out of Kansas are showing many fields in much better condition than expected with lots of paddocks now pegged between 3 and 5 tonnes per hectare. There are some fields showing a little leaf disease but generally the reports I’m reading are showing the crop in almost ideal condition so one would expect to see a rise in the crop condition rating of the US winter wheat crop in next week’s USDA update.

For US corn we see good rain and warm temperatures favouring establishment in the short term. Further out the models have turned a little drier but that is of no concern at present.

India has picked up 140kt of Aussie wheat over the last couple of weeks to blend with their own stock. This seems to be becoming a regular occurrence so we may see more activity here supporting the H2 market in the short term.