- CBOT markets have managed to regain some of Tuesday’s losses as fund buyers emerged once again to defend their longs. Wetter weather in the E Midwest is once again being discussed with ½-2” likely in the next 24 hours. Additionally, the market is nervous ahead of Friday’s July crop report.
- Informa Economics has reduced its estimate of soybean plantings in the state of Missouri by 1 million acres (from the USDA’s June estimate) due to rain delays. It also cut its estimate of US 2015 soybean output to 3.77 billion bu, reflecting a 41 million bu drop in Missouri’s output based upon the reduction in plantings.
- Wheat yields in C France are reported to be better than expected, which is encouraging.
- Egypt’s GASC purchased 180,000 mt of wheat for August 11-20 shipment, at an average price of $212.26/mt, a shade below their last purchase on 2 July. Russia picked up 120,000 mt and Ukraine the balance in a lineup of offers that also included France ($20 too expensive) and Romania ($1-2 too expensive). Matif prices slumped as much on the reaction to the lack of business secured by the French as well as on yesterday’s French AgMin crop number.