Grains recovered overnight with soybeans leading the complex on a double-digit advance. Crude oil bounced sharply higher after yesterday’s steep losses.
USDA announced two big soybean sales this morning. The combined deals amounted to 524,000 MT 320,000 MT were for old-crop delivery and the rest for new-crop delivery.
The condition of cereal crops in France worsened again last week, farm office FranceAgriMer said on Friday, in another sign that storms and heavy rain since last month have affected crops. Some 75 percent of soft wheat was rated good or excellent as of June 13, down from 79 a week earlier, FranceAgriMer said in a weekly crop progress report.
Russian Agriculture Minister Alexander Tkachev said on Friday that the government will start grain market interventions in August-September, according to a TASS news agency report.
Asian millers that churn out animal feed are expected to face a squeeze in supplies of key ingredients corn and soymeal in coming weeks as heavy rains disrupt shipments from major exporter Argentina. Cargoes from the South American nation have been facing delays for the past few weeks due to strong rainfall, but millers have been able to operate using exports that were already en route and inventory, two trade sources told Reuters.
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