Grains continued to sink lower following Monday’s sharp sell-off in wheat. In outside markets, the US Dollar index fell below 100 for the first time since early February while crude oil was trying to find stability in the $49 a barrel territory.
After the market closed on Monday, USDA state offices in OK/KS/TX released their winter wheat crop condition scores which showed a mostly deteriorating crop. Kansas slipped from 42% good-to-excellent last week to 40% this week, while OK saw a similar deterioration from 40% to 38% over the past week. TX slipped from 35% last week to 34% this week. While these ratings are substantially below last year’s ratings at this time of year (47% to 63%), they are only slightly off of the long-term averages for the 3-state region, generally around 40%.
Japan's Ministry of Agriculture is seeking to buy a total of 117,689 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that will close late on Thursday.
Yesterday, Agroconsult a private analyst pegged Brazil’s soybean crop at 111 MMT up from their previous forecast of 107.8 MMT and above USDA’s estimate of 108.
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