Markets wait for crop condition scores

[CRM AgriCommodities]

Corn / Maize Markets are awaiting the release of the USDA crop condition report later today at 4pm US Eastern Time. Cooler and dry weather across a large proportion of the US is lending support to US corn, combined with an expectation that crop condition reports will downgrade the condition of corn in storm affected states. The condition of French maize deteriorated once again last week as the damage of the hot dry spell took its toll. Falling to 65% good and excellent, the condition of French maize fell 9 percentage points week on week. Wheat / Barley The Russian wheat crop has now reached 58.8% complete, making good progress and 17.3MHa harvested. IKAR has raised their estimate for the Russian wheat crop to 82MT. The French wheat crop has now reached completion, joining barley. The last conditions report for French wheat placed the crop in 56% good and excellent, stable on the week. US wheat market direction will be largely linked to the market perception of the damage to US corn from the recent storm where the crop condition scores out later today will be influential. US export sales of 130KT of hard red winter wheat have been made today for delivery to unknown destination during the 2020/2021 marketing year. Oilseeds & Oil Although the predominant damage to crops from the recent storm in the US will have been to corn, The USDA have estimated a potential 5.64M acres of soybeans in Iowa that may have been adversely affected. Watch for an expected downgrade in Iowa’s soybean condition later day.

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