Grains posted solid gains overnight with soybeans advancing 10 cents in the night session.
On Tuesday, USDA’s crop progress report showed corn condition slipped 1% on the week to 74% good to excellent. The crop is rated as 18% mature versus 9% last week. In soybeans, crop condition held steady at 73%. Next week should bring the first report on US corn harvest from USDA.
Overnight, the Taiwan Flour Millers' Association issued an international tender to purchase 87,900 MT of U.S.-origin grade 1 milling wheat to be sourced from the United States. The results of a tender by Algeria are expected later today as they are in the market for soft-milling wheat.
This morning Stats Canada released stocks forecasts for wheat and canola. Canada’s wheat stocks were pegged at 5.17 MMT on July 31, down from 7.05 MMT a year ago. Traders had expected 4.29 MMT of stocks. Meanwhile, canola stocks were at 2.02 MMT, off of last year’s inventory of 2.54 MMT but higher than average expectations of 1.27 MMT.
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