Wednesday Morning Snippets

Last night's USDA report threw up few surprises. Corn was 69% good/excellent, the same as last week. Development is still slow at 50% dented compared to 75% normally and 8% mature versus 23% on average.

Beans good/excellent fell one point to 68%, 7% of the crop is dropping leaves compared to 18% normally.

The spring wheat harvest is still well behind schedule with top producing state of North Dakota 44% done compared to 86% normally. Winter wheat planting has just got going at 5% complete.

Celeres say that 64% of the 20010 Brazilian soybean crop will be GMO, that's up from 62% last season.

China's official think tank CNGOIC have trimmed their estimates for corn and wheat production due to drought. Their corn estimate has been reduced by just 1 MMT and wheat by 550,000 MT. Both cuts are significantly lower than private trade estimates. No surprises there then.

Also of no surprise will be the news that everything is looking Hunky Dory in India, according to the country's farm minister. August rains were plentiful and winter wheat sowings will increase by 15% this year, he says.