Overnight developments
Corn is around 7c lower in overnight trade after the USDA reported plantings at 88% done which was up from 75% the previous week and towards the top of the range of traders expectations.
Forecasts for warmer, drier weather in the Midwest later in the week should also help get this last 12% planted which is further pressuring prices this morning, as is lower crude oil.
Soybeans are around 7c firmer, primarily on news that the Argy strike is back on. US plantings at 52% done were in line with expectations.
Wheat is 5-7c lower after the USDA upped it's winter wheat good/excellent rating 2 points to 49%. Recent rain in Kansas is seen as beneficial where the good/excellent rating improved 6 points ferom last week.
The U.S. spring wheat crop was 76% emerged, up from 54% the previous week and only slightly down from the five year average of 78%.
Wheat may average $7 a bushel in the third quarter, down from $8 a bushel in the second quarter as global output jumps 7 percent to a record 650 million metric tons, Rabobank analysts including Sydney-based Luke Chandler said in a report yesterday.
Soybeans will average $12.60 a bushel in the third quarter from $12.80 in the second quarter, according to the report. Corn will average $5.80 a bushel in the third quarter compared with $6 in the second quarter, the report said.
Forecasts for warmer, drier weather in the Midwest later in the week should also help get this last 12% planted which is further pressuring prices this morning, as is lower crude oil.
Soybeans are around 7c firmer, primarily on news that the Argy strike is back on. US plantings at 52% done were in line with expectations.
Wheat is 5-7c lower after the USDA upped it's winter wheat good/excellent rating 2 points to 49%. Recent rain in Kansas is seen as beneficial where the good/excellent rating improved 6 points ferom last week.
The U.S. spring wheat crop was 76% emerged, up from 54% the previous week and only slightly down from the five year average of 78%.
Wheat may average $7 a bushel in the third quarter, down from $8 a bushel in the second quarter as global output jumps 7 percent to a record 650 million metric tons, Rabobank analysts including Sydney-based Luke Chandler said in a report yesterday.
Soybeans will average $12.60 a bushel in the third quarter from $12.80 in the second quarter, according to the report. Corn will average $5.80 a bushel in the third quarter compared with $6 in the second quarter, the report said.
