In the overnight session the grains traded slightly lower with December corn down ¼ cent, November soybeans down 1 cent and December Chicago wheat down 2 ¼ cents. Dry weather throughout the Midwest is expected to boost harvest pace according to the latest 6-15 day forecast.
Brazil has received scattered rain in the west and far south yesterday which will continue to aid planting which had been lagging at 12 percent planted due to dry weather. More precipitation is expected in the 11-15 day forecast which should provide widespread benefit for the Brazilian corn and soybean crop. Argentina is expecting showers in the eastern part of the country today but is expected to make progress planting over the next week.
The U.S. Wheat Associates has announced that they will be closing their office in Egypt after 40 years. The trade group promotes U.S. wheat exports, but the sharp shift away from U.S wheat in favor of Russia and the Black Sea wheat has shrunk Egypt to the 37th buyer of U.S wheat overall. Egypt held the rank of fifth largest market for U.S. wheat and 2nd largest market for soft red winter wheat as recently as the 2012/13 marketing year. The U.S Wheat Associates is looking at refocusing its efforts toward higher value markets in Asia and Latin America.
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