Overnight market developments
Beans, corn and wheat have all traded either side of unchanged in the overnight eCBOT market as the trade digest last night's planting progress and crop condition report.
July beans are currently up 15 1/2c having traded in a range of 8c down to 17c up. The percentage of the crop rated good/excellent was better than expected, falling just one percentage point to 56%, although plantings lagged behind expectations at 84% done. With a drier forecast for the next few days those with unplanted acres will be going hell-for -leather to get their crops in the ground, although late planted beans may suffer some yield loss and be susceptible to heat and/or frost later in the year.
July corn is 7c firmer, at the top of it's overnight range, having traded as lower as 6 1/4c down. Corn good/excellent fell 3 points to 57% which was better than most had anticipated.
Wheat remains a follower of corn, with July up 4 3/4c at the moment, towards the upper end of it's overnight range which saw it trade as much as 7 1/2c lower earlier in the session.
The U.S. winter-wheat harvest is moving along at a faster pace than a year ago as farmers took advantage of dry weather in parts of the Great Plains this past week to collect grain. About 16 percent of the crop was harvested as of June 15, up from 9 percent a week earlier and 11 percent the same week in 2007 when wet weather kept growers out of fields, the USDA said.
Spring wheat conditions good/excellent are also looking good, up ten points in a fortnight to 67%.
Australian wheat output may be 23.7 million metric tons in the harvest starting from October, the Canberra-based Australian Bureau of Agricultural and Resource Economics said today in an e-mailed statement. That compares with its March estimate of 26 million tons, but still well above last year's drought-reduced crop of 13 million tons.
July beans are currently up 15 1/2c having traded in a range of 8c down to 17c up. The percentage of the crop rated good/excellent was better than expected, falling just one percentage point to 56%, although plantings lagged behind expectations at 84% done. With a drier forecast for the next few days those with unplanted acres will be going hell-for -leather to get their crops in the ground, although late planted beans may suffer some yield loss and be susceptible to heat and/or frost later in the year.
July corn is 7c firmer, at the top of it's overnight range, having traded as lower as 6 1/4c down. Corn good/excellent fell 3 points to 57% which was better than most had anticipated.
Wheat remains a follower of corn, with July up 4 3/4c at the moment, towards the upper end of it's overnight range which saw it trade as much as 7 1/2c lower earlier in the session.
The U.S. winter-wheat harvest is moving along at a faster pace than a year ago as farmers took advantage of dry weather in parts of the Great Plains this past week to collect grain. About 16 percent of the crop was harvested as of June 15, up from 9 percent a week earlier and 11 percent the same week in 2007 when wet weather kept growers out of fields, the USDA said.
Spring wheat conditions good/excellent are also looking good, up ten points in a fortnight to 67%.
Australian wheat output may be 23.7 million metric tons in the harvest starting from October, the Canberra-based Australian Bureau of Agricultural and Resource Economics said today in an e-mailed statement. That compares with its March estimate of 26 million tons, but still well above last year's drought-reduced crop of 13 million tons.
