• Last night’s US crop condition report was a follows:-

Corn 74% good/excellent, unchanged week on week and up from 54% year on year. Soybeans 72% good/excellent, again unchanged week on week, up from 52% year on year. Spring wheat 60% good/excellent, down 3% on a week ago. The crop is 58% harvested well below last year’s 78%, which is also the five year average. Winter wheat planting is 3% done and very close to historic levels.

• AgroConsult sees the 2014/15 Brazilian soybean crop at a record 95.1 million mt vs. Lanworth’s 98 and USDA’s 91 million mt. Their outlook for the Argentine soybean crop for 2014/15 is also a record, and is 56.6 million mt vs. USDA’s 54 million mt.

• Ukrainian grain exports so far this season (July 1 to Sep 8) are at 5.98 million mt, of which wheat accounts for 3.37 million mt, and is up 44% on a year ago.

• Australia’s Abares sees the 2014/15 Aussie wheat crop at 24.234 million mt below its last estimate of 24.588 million mt. They also reduced their outlook for Canola to 3.388 million mt from 3.47 million mt previously.

• From a US weather perspective, there appears to be little in the way of threat from damaging cold through until 24 September according to latest forecast updates. At that time it is anticipated that crops will be sufficiently mature to avoid any substantive damage.