Grains were mixed overnight with soybeans posting gains while wheat and corn were lower.
After the close Monday, USDA showed further deterioration in the grain crops. Soybeans plummeted to 57% good-to-excellent versus 61% last week and 60% expected by the trade. For corn, the condition ratings also came in lower than expected, off 2% from last week to 62%.
The latest weather model shows increasing rainfall across South Dakota and southern Minnesota into Iowa. This should bring important moisture to the drier-biased portions of the western Corn Belt from much of Iowa into northern Illinois late Wednesday into early Thursday. Some meaningful rain will also fall in southeastern South Dakota late Tuesday into Wednesday. More rain will be needed over time to increase the short subsoil moisture.
Egypt was in the market for wheat overnight. Although no official deal has been announced, the lowest offers accounting for freight were Russia and Romania.
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