Overnight market sharply lower
Corn, soybeans and wheat are all sharply lower on the overnight eCBOT market this morning amid speculation that warmer weather will improve crop conditions in the U.S. Midwest after the worst flooding in 15 years.
The National Weather Service's six to 10-day outlook issued yesterday showed above-normal temperatures in the U.S. Midwest, including Iowa, Illinois, Indiana and Ohio. About 61 percent of the corn crop was in good or excellent condition on June 29, up from 59 percent a week earlier as warmer temperatures boosted growth.
The condition ratings for U.S. corn and soybeans did improve last week slightly and traders will want to see whether that happens again in the data released Monday afternoon. The data will be a factor in market action on Tuesday.
Western Australia, the country's largest grain grower, may get some rain in the coming week, and the country's east will likely also receive showers, the National Climate Center said. Rain is critical in the coming months to bolster yields after farmers sowed a record acreage to wheat this season.
A front may bring rainfall of up to 25 millimeters to the cropping regions of Western Australia, said Shoni Dawkins, a climatologist with the center. Victoria and New South Wales may receive between 15 and 25 millimeters, he said.
At 10.55am BST corn was 25-30c lower, soybeans around 28c easier and wheat around 24-25c down.
The National Weather Service's six to 10-day outlook issued yesterday showed above-normal temperatures in the U.S. Midwest, including Iowa, Illinois, Indiana and Ohio. About 61 percent of the corn crop was in good or excellent condition on June 29, up from 59 percent a week earlier as warmer temperatures boosted growth.
The condition ratings for U.S. corn and soybeans did improve last week slightly and traders will want to see whether that happens again in the data released Monday afternoon. The data will be a factor in market action on Tuesday.
Western Australia, the country's largest grain grower, may get some rain in the coming week, and the country's east will likely also receive showers, the National Climate Center said. Rain is critical in the coming months to bolster yields after farmers sowed a record acreage to wheat this season.
A front may bring rainfall of up to 25 millimeters to the cropping regions of Western Australia, said Shoni Dawkins, a climatologist with the center. Victoria and New South Wales may receive between 15 and 25 millimeters, he said.
At 10.55am BST corn was 25-30c lower, soybeans around 28c easier and wheat around 24-25c down.
