The US midterm weather map showed sustained hot, dry weather across key growing regions of the Midwest last night. The funds jumped on this and pushed wheat, corn and soybeans futures higher across the board.
Some of the pictures of the spring wheat districts of N.Dakota hitting social media show wheat crops failing, lucking to make seed back in some fields. Canola crops in the same region are aborting flowers and are stunted. The eastern side of the spring wheat region is fine but as you move west production prospects dwindle quickly.
Crop condition ratings out after the close confirmed the markets fears with the G/E rating for corn back 3%, soybeans -2% and spring wheat back 2% to 35% G/E and a massive 39% sitting in either poor or very poor. Montana now has more than 60% of their spring wheat rated as poor or very poor.
Egypt picked up 115kt of Russian wheat @ US$204.75 C&F, Iraq picked up 50kt of hard wheat from Australia at US$318.77 C&F.  This would equate to about  AUD$360 delivered WA port or around $353 NTP NTL.
Further north in Saskatchewan conditions remain dry and warm but crops so far are generally sustaining average yields until you get closer to the US border where crops are poorer. This area is the key durum area and well worth watching.