Overnight markets
eCBOT grain futures have bounced modestly higher overnight following last night's steep losses.
The USDA crop progress report released after the close showed corn and soybean progress lagging. Whilst this was not unexpected it was enough to encourage some light buying this morning.
Corn good/excellent was raised 2 points to 64%, in line with expectations, soybeans good/excellent were left unchanged at 59% when a modest improvement had been anticipated.
Wheat contained the biggest surprise in last night's report where 61 percent of the U.S. spring-wheat crop was rated good or excellent as of July 13, down from 69 percent a week earlier, the USDA said. Temperatures were as much as 4 degrees Fahrenheit warmer than normal in parts of North Dakota and Minnesota, hurting plants that were sown late because of wet weather.
Wheat is around 4-5c firmer overnight, with corn around 3c firmer and soybeans around 10c higher.
The USDA crop progress report released after the close showed corn and soybean progress lagging. Whilst this was not unexpected it was enough to encourage some light buying this morning.
Corn good/excellent was raised 2 points to 64%, in line with expectations, soybeans good/excellent were left unchanged at 59% when a modest improvement had been anticipated.
Wheat contained the biggest surprise in last night's report where 61 percent of the U.S. spring-wheat crop was rated good or excellent as of July 13, down from 69 percent a week earlier, the USDA said. Temperatures were as much as 4 degrees Fahrenheit warmer than normal in parts of North Dakota and Minnesota, hurting plants that were sown late because of wet weather.
Wheat is around 4-5c firmer overnight, with corn around 3c firmer and soybeans around 10c higher.
