The Early Tuesday Vibe

05/07/16 -- US markets are closed until this afternoon for Independence Day, so there's no Globex market to get us excited, The word is that the promised weekend rains mostly delivered, certainly in central/eastern areas, so a lower opening is expected.

Egypt have apparently finally agreed to take wheat with an ergot tolerance of 0.05%, seemingly opening the doors for new tenders there soon.

Agritel say that early barley yields and specific weights in France confirm post-harvest nerves and are disappointing.

That's not the case in Russia or Ukraine though where record harvests are being predicted.

Russia say that they've harvested 6 MMT of grains so far, off 1.4 million ha, with yields averaging 4.27 MT/ha (3.55 MT/ha a year ago).

Ukraine say that they've harvested over 2 MMT of early grains off 576k ha, with yields coming in at 3.54 MT/ha (3.05 MT/ha in 2015).

They've harvested 369 TMT of new crop wheat and 1.6 MMT of new crop barley so far.

The Russia Grain Union have apparently written to the PM asking him to removed the existing export duty on wheat, now that a bumper 2016 crop looks assured. They predict 2016 grain production at 112 MMT, of which wheat will account for around 65 MMT (104.8 MMT and 61.7 MMT in 2015).

Japan are in for 102 TMT of milling wheat of US/Canadian origin in their usual weekly tender.