Grains drifted listlessly in overnight trade with no firm direction heading into the weekend.
The Buenos Aires Grains Exchange said that Argentina’s corn and bean crop is benefitting from optimal soil moisture. If the positive trend in yield expectations is strengthened over the weeks ahead, volumes at the end of the season could be higher than our current estimate," the report said. Argentine soy planting starts in mid-October, with harvesting ending mid-year. Corn goes into the ground in September through December. Harvesting is usually from March through July. The report said 10 percent of the 2016/17 corn area has been brought in so far. Although harvesting machines have gotten bogged down in the wettest areas, the fields that are being harvested are showing better-than-expected yields, it added. The exchange kept its 2016/17 corn crop estimate unchanged at 37 MMT.
The latest outlook from the U.S. government predicts warmer-than-average weather that could have a game-changing impact when the U.S. corn and soybean planting campaign gets underway in a few weeks. The U.S. Climate Prediction Center on Thursday said the warm trend will start in April and strengthen through June, except in the Dakotas and Minnesota.
In the US Midwest, the SRW wheat crop should benefit from milder/wetter pattern, allowing regrowth after freeze event. Plains wheat warm/dry over next week, depleting moisture; at least SW 1/3 of belt misses relief late next week.
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