Overnight Grains Lower
The overnight grains are mostly lower after a long weekend in the US, with soybeans leading the way.
US farmers will plant 5% more soybeans and 2.4% less corn this spring according to a survey by ArgriSource. A stronger dollar and weaker crude oil are also bearish influences this morning.
Heavy rains may arrive in Argentina by the end of the week according to QT weather. Whilst these may be too late for much of the corn crop, they could certainly add a bit of extra production onto soybeans. January expectations for a crop under 40mmt seem to have disappeared with most analysts now predicting a crop in the region of 41-43mmt.
China's wheat crop remains at risk from drought, but you can now throw frost, rust and insects into the mix, according to media reports this morning.
ABARE upped their estimate for the final output of this season's Australian wheat crop to 21.4mmt.
Syria is tendering to 200,000mt soft milling wheat, with Russia the likely favourite to get the order.
US farmers will plant 5% more soybeans and 2.4% less corn this spring according to a survey by ArgriSource. A stronger dollar and weaker crude oil are also bearish influences this morning.
Heavy rains may arrive in Argentina by the end of the week according to QT weather. Whilst these may be too late for much of the corn crop, they could certainly add a bit of extra production onto soybeans. January expectations for a crop under 40mmt seem to have disappeared with most analysts now predicting a crop in the region of 41-43mmt.
China's wheat crop remains at risk from drought, but you can now throw frost, rust and insects into the mix, according to media reports this morning.
ABARE upped their estimate for the final output of this season's Australian wheat crop to 21.4mmt.
Syria is tendering to 200,000mt soft milling wheat, with Russia the likely favourite to get the order.
