Grains were higher overnight buoyed by lower than expected crop ratings from USDA.
Monday’s crop progress report from USDA showed crop conditions that were below expectations yet again. Corn conditions came in unchanged at 67% but below analysts estimates which looked for a bump up to 68%. For soybeans, conditions slipped to 66% off of last week’s rating of 67% and below the 68% mark expected. Spring wheat continued to see eroding scores hitting 40%, below expectations of 41% which was the reading last week.
Weather in the US should remain favorable for the rest of the week. But as the calendar turns to July, heat is expected to intensify, especially in the Upper Plains and parts of the Western Cornbelt. Mid next week should bring some 90 degree readings to the heart of the grain belt and the Plains are expected to soar into the 100s for 3 days running.
South Korea's KOCOPIA purchased about 60,000 MT of corn expected to be sourced from South America in a tender which closed on Tuesday, European traders said. Consultancy Strategie Grains cut its forecast for the 2017 French soft wheat crop by 1.6 MMT from its mid-June estimate to factor in damage from a recent hot spell. Laurine Simon said the consultancy now expects France, the EU largest producer of the grain, to harvest 35.6 MMT of soft wheat, against a 37.2 MMT forecast in its monthly report released on June 15.
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