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Grains Start the Week in Positive Territory

Cool and Wet Weather in the US Continues

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Grains started the week in positive territory supported by cool wet weather and a continued slide in the US Dollar.

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Overall the weather pattern in the US continues to suggest cool and wet weather for much of the country. Wetness will continue for the next two weeks with much of the precip hitting the already soaked areas of MO/IL/IN/OH. Temperatures for the next 5 days should be well below normal in the Western Cornbelt but should return to normal for much of the country after that.

Corn planting is expected to be about 85% planted in USDA’s crop progress report released this afternoon. But wet weather and re-planting issues will likely be talked about in coming days. Crop condition ratings won’t be released until next week, but early states results in IL showed only 42% of the crop in good-to-excellent condition while MO was 49%.

Russian wheat export prices rose last week, supported by a state purchase by Egypt, the largest buyer of Russian wheat, and expectations that the rouble currency would rise further against the dollar, analysts said on Monday. Black Sea prices for Russian wheat with 12.5 percent protein content were at $185.50 a tonne FOB at the end of last week, up $1 from a week earlier, Russian agricultural consultancy SovEcon said.

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