Russia seem destined to harvest a record wheat crop. At almost 90% complete over 71.2mt of wheat has been stripped. The 2017 winter crop sowing is well under way too with over 9mha sown so far, just over 50% of the expected area, the majority of which is wheat. The other FSU states of Ukraine and Kazakhstan are also progressing well with both the 2016 harvest and the 2017 planting program.

Mung bean prices in India eased as buyers withdrew from the market after a small rally last week. Values are suggesting that local bids here could fall a little this week with delivered Delhi prices now closer to AUD$1200 / tonne a fall of roughly $150 which would put our local bids closer to $1050/t. Kabuli dal was also weaker trading at $1140/t there. Indian summer pulse supplies should become plentiful over the next month as many areas reported acreage increased by as much as 40%.

US futures were generally unchanged with soybeans closing out at a weekly high. Storms across the US continue to support soybean prices as harvest and quality issues arise. Egypt had to cancel another tender on Sunday after no one came to their party. US wheat is treading water, not unlike half the NSW crops, it has become a follower of corn while waiting for export sales.