In the overnight session the grain moved higher with December corn up 1 ¼ cents, January Soybeans up 3 ¼ cents and December Chicago Wheat up 3 cents. Brazil rains will be scattered for the remainder of the week and provide widespread coverage for the rest of the month benefiting the corn and soybean crops. Argentina weather is more of a concern, with some isolated light showers expected today and Monday but the overall moisture profile declining over the rest of the month. Some crop stress may start to develop in North East Cordoba, Southern Santa Fe and Northern Buenos Aires.
Informa Economics announced their latest 2018 corn planting estimates at 91.415 million acres, revised higher compared to 90.460 million. They also estimated that soybean plantings in the same year at 89.627 million acres compared to 90.347 in their previous estimates. Informa also sees all wheat plantings at 45.625 million acres compared to 45.875 million acres. In the latest WASDE report the USDA estimated that planted acres for the 17/18 crop was 90.4 million acres for corn, 90.2 million acres for soybeans and 46 million acres planted to wheat.
The latest harvest report from France showed that 99 percent of the corn harvest is complete for crops that were rated good-to-excellent. It also showed that SRW crop is 95 percent planted with 97 percent of the crops in good-to-excellent condition.
It was announced that Iraq purchased direct from the U.S 90,000 metric tons of Rice outside of the tender process. Also in the news was Egypt’s GASC bought 240,000 metric tons of Russian wheat in a purchase tender.
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