Grains were muted overnight in listless trade except in spring wheat which continued to march higher to its own drumbeat.
Corn was holding solid gains mid-day on Tuesday but new data from the weather model showed much cooler temps in the Plains and Western Cornbelt than had been previously forecast. That information sent corn prices retreating and they have been unable to muster a rally since.
In Russia, the wheat harvest is underway with yields coming in lower than last year. According to the Ag Ministry as of June 27, farmers had harvested 229,000 tonnes of grain by bunker weight from 54,000 hectares with an average yield of 4.24 tonnes per hectare. This compares to 2.1 million tonnes reaped from 486,000 hectares with an average yield of 4.36 tonnes per hectare at the same date in 2016.
Over the next two weeks weather continues to look fairly favorable for major corn producing states. Nebraska has the most heat in the top 3 states, but even there high temps are expected to only briefly see above 90 degrees. However, rainfall for the two week forecast has been lowered from yesterday’s model in NE showing only 1.5” of rain vs 2.5” yesterday.
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