Wheat continued to propel higher overnight as KC wheat futures climbed to a 6-week high. Soybeans also saw solid advances overnight while corn was mostly unchanged.
The weekend storms continue to be spiking wheat markets as traders now try to assess the likely damage. Yield losses are likely by the snow and frosts that hit KS/CO while the wetter areas in E KS/OK could face damage to yields from disease and waterlogging. Because of the development stage of U.S. wheat it would appear that some yield loss has occurred. Heavy snow in Kansas and Colorado has caused some wheat to be knocked over, the Commodity Weather Group said. Snow is expected to melt quickly, but a significant storm is then seen hindering the recovery of lodged Plains wheat.
The Taiwan Flour Millers' Association has issued an international tender to purchase 95,750 tonnes of grade 1 milling wheat to be sourced from the United States, European traders said on Tuesday.
On Monday after the close, USDA’s crop progress report showed 34% of the corn crop planted right in line with the 5-yr average and up from 17% last week. Soybeans bumped up to 10% from 6% last week and 7% for the 5-year average. Winter wheat conditions were unchanged on the week at 54% good-to-excellent.
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