Grains were weaker to start Tuesday giving up all of Monday’s gains.
EXPORTERS SELL 126,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2016/2017 MARKETING YEAR- USDA
USDA’s crop progress report showed another strong week for farmer planting. Corn planting hit 84% vs 71% last week while soybean planting moved to 53% planted vs 32% last week. Although there was no national crop ratings on corn, state ratings from IL improved to 51% good-to-excellent compared to 42% last week, and IA’s first rating came in at 75% good-to-excellent. Winter wheat conditions nudged higher to 52% good-to-excellent vs 51% last week.
In Brazil, the supreme court there will be weighing a decision to be announced on Wednesday about whether to let the corruption investigation of President Temer move forward. This will have important implications for the Brazilian markets and the Real. In Argentina, they have their own currency woes as the Argentinean Peso hit its lowest level ever against the US Dollar on spillover effects from the Brazil crisis.
Chinese soybean imports for April were record large and South America shipped its highest ever monthly amount to China to the tune of 6.2 MMT. In Ukraine, Lanworth is forecasting wheat yields are likely to fall to 3.72 tonnes per hectare this year from a record 4.21 tonnes last year. It said favorable weather could push the yield up to last year's level, but poor conditions could cut it to around 3.40 tonnes.
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