Wheat catapulted higher overnight bringing soybeans and corn along for the ride.
USDA announced the sale of 114,300 MT of corn sold to Mexico of which 22,860 was for 2017/18 and 91,440 is for 2018/19, 120,650 MT of soymeal, to Mexico of which 92,540 MT was for 2017/18 and 28,110 is for 2018/19 and a 140,000 MT sale of wheat to unknown destinations split between hard and soft red wheat for 2017/18 delivery.
Heat and dry conditions in the Northern Plains continue to be the lightening rod for the spring wheat market. Over the weekend, 3-day rain totals showed little to no moisture over much of SD, ND & MT. The 6 to 10 day forecast shows heat continues to be a feature in the Northern Plains and below normal moisture is expected thru all of the Plains and stretching across the Cornbelt to IL. This will become important for corn where the crop will be going into pollination during this time period.
On Friday, the European Commission its forecast for 2017 cereal production in the European Union following a June heat wave. The Commission reduced its outlook for common wheat usable production, excluding durum, to around 138.9 MMT, from 141.3 MMT last month.
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