Grains were higher overnight led by Minneapolis wheat which had double digits gains going into the morning break.
Yesterday after the close USDA’s crop progress report showed spring wheat conditions dropped sharply to 55% good-to-excellent, down from 62% last week. Winter wheat conditions also turned lower, slipping to 49% good-to-excellent vs 50% last week. Corn, on the other hand, managed to improve 3% to 68% good-to-excellent.
In international news, Iraq was tendering for wheat and the lowest offer was from the US. But the final results of the tender have not been announced yet. Algeria was also tendering for wheat. Overnight, Palm Oil futures in Malaysia fell about 1% on strength in tandem with rival oils.
The US Dollar sank to its weakest since mid-April against the yen on Tuesday, as economic data drove U.S. government bond yields to lows not seen since Donald Trump's election last year and investors sought refuge before big events on Thursday.
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