- Another day higher as the transfer of ownership continues from grower to funds. The fund appetite for the grains and less so for the soybean complex has continued again as the USDA report looms large. The S American farmer has been an active seller on the rally allowing him to reduce the size of his cash stocks, which he has been holding for many months. CBOT volumes have simply been huge.
- US winter wheat condition is reported as 41% good/excellent, unchanged week on week, which surprised many who expected a decline due to the ongoing rains. The condition is better the last year’s 30% and the crop is 38% harvested well above estimates of 30% and up from 19% week on week but below last year’s 42%. US spring wheat is 72% good/excellent, up 1% week on week, again surprising many who were expecting a drop.
- Corn condition dropped 3% good/excellent week on week to 68%, which is also down year on year from 75%, whilst soybeans saw a 2% week on week drop to 63%, which compares with 72% year on year. Both ratings reflect the recent rains. Soybeans are 94% planted, only a 4% gain in a week but only 1% behind last year.