Corn spent most of the day in the red following improved US corn crop conditions released by NASS who increase Good to Excellent rating by 2% to 64% on Monday. The conditions remain divided between the Eastern Midwest and West where dry weather has impacted crops in recent months. Harvest for spring wheat in the US was seen ahead of the average of 21% at 38% complete. Winter wheat harvest was pegged at 95% complete. Wheat price in general found support today on rising prices in Ukraine and Russia as buyers covered demand due to slow harvest progress being recorded in the EU and Black Sea. This support was enough to send EU Milling wheat futures to new contract highs. Dry condition are forecast throughout Europe in coming weeks which should help harvest progress. Oilseeds were supported by rising global soybean prices buoyed by rising Chinese internal soybean and soymeal prices and the recent Chinese soybean purchases. NASS left soybean G/E ratings unchanged at 60%. |
