Funds continue to liquid longs built up in US corn and soybean futures over June. The last three sessions at the CME have seen the funds net seller of these two US summer crops. Fears of La Nina have subsided as US weather conditions continue to be all but ideal for the row crops. Outside markets were also lower but lent a hand to grains late in the session when they turned higher allowing the US grains to close off the session lows.
The only thing saving wheat from falling as quick as the US row crop values is some rain delays in Kansas and Nebraska. These showers are expected to continue on and off over the next week and should be viewed as beneficial to the corn crop at this crucial stage. This US corn crop is just going to get bigger and bigger.
Further north in Saskatchewan and across the N.American durum belt showers and storms are expected to develop on Friday and persist throughout the weekend and into the middle of next week. We may even hear of some crop damaging rain and storms by the middle of next week if the GFS outlook for Saskatchewan is correct.
Back over in the EU the wheat crop continues to get plenty of air play with Strat Grains joining the  rest of the punters and downgrading the French crop. Yields are being “slashed” according to one report from 7.38t/ha to 6.98t/ha, those poor bastards. Paris milling wheat futures have moved the opposite direction to CME futures, putting on 0.3% in last night’s session.