CME soybeans futures lead US grain markets higher overnight with corn, wheat and beans closing in the black.

Heavy rain across the quickly maturing US soybean crop over the last couple of weeks is not helping the quality side of the equation although week on week the USDA crop condition rating was unchanged. Watch for a possible correction to this good to excellent rating on US soybeans in next week’s report to justify any more moves higher.

Spring wheat in the US is pegged at 91% harvest, well ahead of the 75% 5 year average. In North Dakota 91% of the spring wheat crop is in the bin. Durum harvest is not progressing as quickly there with around 69% off in N.Dakota.
There has also been reports of vomitoxin in some areas of NW N.Dakota and NE Montana. With an increase in head scab this year there is talk of lower durum acres in N.Dakota for next year. The appearance of the disease has resulted in an increase in price for higher grades at some elevators. It appears the later maturing crops are the worst hit. Early crops were very good in most places. The price variation from top grade to low grade is huge. Top milling grade durum is bid at AUD$318 at the elevator while samples containing vomitoxin are only bid AUD$134. Quality concerns are also shrouding the Canadian crop which is only 10% harvested.