Wet weather across the central US corn belt continues to delay both corn and soybean harvest there. Illinois, Missouri and Iowa are the wettest with 2″ to 4″ falling in some parts of those states in the last seven days. Delays in corn are not as critical as delays to soybeans, corn can stand some weather. The US soybean crop is only estimated to be 4% harvested though with around half of the crop ready to go. The weekly crop condition rating that came out on Monday night did not show any sign of downgrading in either the corn or bean crop. This maybe something to look out for in next week’s report.
The wet weather supported soybean futures at Chicago and saw corn follow while wheat remained mixed needing to see more than wet weather in the row crops to light a fire under it. With US spring wheat around 98% harvested the crop is basically in the bag. Further north in Canada drier weather across the Prairies this week should see some good progress made in both the durum and spring wheat crops.
The higher US soybean futures market also lent support to ICE and Paris canola values. With the Aussie dollar higher today it will counter the move a little but it is likely we will see canola higher by $5 to $8 / tonne today unless basis shrinks dramatically.
Quality continues to be the buzz word in the wheat markets, although this is yet to roll over into significant premiums for quality wheat here all the punters are all preaching the same hymn at the moment. Time will tell.