US wheat futures fell away overnight.
Late last week futures rallied on the back of weather concerns. Some media outlets were reporting a heat wave was destined to push through the upper Midwest. I’m not sure who got that ball rolling, most reliable models I could find were not suggesting such a heat wave. Anyway, the week end came and went and temperatures were not as hot as expected thus futures were sold off in last night’s session. I’m not sure how the media checks facts these days, I’m not sure if that is even a process actually. It pays to stick to reporting agencies, not drama networks.
Storms are expected to push across the drier parts of the US spring wheat belt and east into the central corn belt this week. There may also be a few disruptions to wheat harvest across eastern Kansas but most fields there are still a week or so off seeing a header. The weekly crop progress report shows 4% harvested in Kansas.
Spring wheat condition declined sharply again last night, back from 55% G/E last week to 45% this week. Look for this to support values tonight. Saskatchewan will see more rain in the canola belt, it’s staying pretty wet across Nth Sask, the south, the durum belt, will also see a few welcome storms this week.