Argentina, the world's second largest corn exporter after the US, may produce a record 26 MMT of the grain in 2011 with plantings reaching 3.5 million to 3.8 million hectares, according to a report on Bloomberg.

The top wheat-producing province of Buenos Aires got rain overnight and is expected to receive more, according to Martell Crop Projections.

Ukraine have exported 2 MMT of grain so far during the marketing year that started on July 1st, despite hold-ups over customs clearance, according to the Ag Ministry there.

Also in Ukraine, 324,200 ha of winter rapeseed have already been sown, mainly in the Odessa region say the Ministry.

At home a week of largely fine, dry and sunny weather is just what the doctor ordered with the harvest in the south east expected to be pretty much wrapped up by the weekend. North of the border, spring barley quality seems to be holding up reasonably well, although yields are reported to be down half a tonne a hectare or so. The spring barley harvest in the southern half of Scotland is expected to be around three quarters done by the weekend.

Germany and Poland kept getting hit with heavy rain in August with monthly rainfall 150-200% of normal. Temperatures have also been very cool, bogging down development of summer crops, say Martell Crop Projections. Some improvement is expected at the weekend as showers gradually push away to the east.

Egypt are back in the market again today tendering for hard wheat of US, Canadian, Australian and/or German origin. The results are expected around lunchtime, and whether or not they buy US wheat will have an influence on prices in Chicago this afternoon.

The FAO now peg the 2010/11 world wheat crop at 646 MMT, including 43 MMT from Russia. They estimate world ending stocks at 181 MMT and stocks/usage at 27%, still comfortably above the lows of around 20% set a few years ago.

The Chinese government say that they are likely to auction off 1.5 MMT of state-owned reserves of soybeans this month. That would be the first bean auctions of the year as they attempt to cap spiraling domestic prices.