Wheat Under Pressure

[CRM AgriCommodities]

Wheat The condition of winter wheat in the US has continued to increase. Kansas wheat is being rated at 50% good and excellent, up from the 45% last week. Australia’s Bureau of Meteorology has stated La nina conditions are coming to an end, which has brought with it wetter and cooler conditions. While La nina conditions are over, due to the increased rainfall, soil moisture in Australia will be far better for the up-coming wheat planting campaign, a positive start for another large Australian wheat crop in 2021/22. Corn Daily US export corn news of 100.8KT for sale to unknown destinations in 2020/21. The main corn news will be tomorrow, with USDA Grain Stocks and Prospective Planting reports to be released. Oilseeds The soybean harvest in Brazil has advanced to 71% late last week compared to 76% last year and 70% average according to AgRural. The main focus for this week will be the USDA prospective planting report, where an increase in soy area is going to be necessary next season to offset the small stocks being carried into next season. Sign up to this daily report here