Crop Report On The Liverpool Plains

https://www.youtube.com/watch?v=7JJHBpWjAFE

Well the sky didn't fall, the US are not "technically" broke just yet so quick get on eBay and buy, buy, buy all that stuff you couldn't afford when it was a couple of dollars to dear a month or two ago. Seriously though, did anyone even think they were ever going to default ?

Corn traded higher at CBOT on prospects that the crop condition report will be back 2%, well the report came in on email this morning and the corn rating is unchanged so expect to see a few traders head for the door between now and Thursday weeks USDA World Ag Supply and Demand report.

Wheat futures were pretty much unchanged, there is the whole "heat makes protein" argument going on with the spread trade at the moment as the US and Canadian spring wheat belt get a good dose of summer but one thing heat does not make is tonnes and with the big reduction we saw in durum acres that is what they need. Actually the US spring wheat crop condition rating is back a couple of percent, I wonder if the trade can ignore this or whether the futures market will hand Russia the opportunity to increase its offer price to Egypt at the next tender.

The weather market in the US must have almost ran its race, rain is tipped for much of the corn belt this week while the southern cotton belt remains abnormally hot and dry. The durum regions of NW North Dakota should see some storms to help fill grain.

European futures were flat at best with most grains, bar rapeseed, closing fractionally lower. A public holiday in Canada saw the ICE closed so we'll need to wait until tomorrow to see what they are up to. On the local front there is more and more interest in the weather conditions from the trade but so far this is not transforming into demand.

Look for a sideways day with stronger feed grains.

Weather

Cloud should increase from the west late in the day or early tomorrow as a weak trough line moves across the area, forecasters do not expect to see rain from this change. They do expect to see temperatures move into the mid 20s though. By the weekend a solid front is expected to push over NNSW producing up to 20mm on Sunday or Monday, models are still conflicting though.