Corn and beans continued to inch lower overnight while wheat was holding on to slim gains going into the morning break.
Russia's Agriculture Ministry hopes to receive government permission to export some of its grain stockpile in September. The ministry has been considering exporting 500,000 tonnes of grain from its 4 million tonne stockpile to free up storage space and to lessen federal budget spending on servicing the stock.
Day 1 of the US Wheat Quality Tour found average spring wheat yields of 37.9 bu/acre down from 43.1 in 2016 and the 5-year average of 45.7. The area covered was in Eastern & Central North Dakota. Day 2 of the tour will head in NW ND.
The latest weather models continue to diverge on moisture forecasts, but tend to agree on temps. Persistent heat in the Northern Plains and Canadian Prairies will persist for the next 10 days. The EC forecast through 10 days features dryness in all major North American crop regions with either little rainfall or modest totals that will come in near normal or about an inch below normal. The GFS shows a much more substantial weather system moving across the portions of the Plains and Corn Belt states as August begins that pushes 10-day rainfall from Nebraska through Iowa/Minnesota and into Wisconsin/Illinois up to 2 inches above normal.
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