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Grains Posting a Modest Bounce This Morning

Crop Reports are Reporting on Winter Wheat

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Grains were posting a modest bounce higher heading into the morning session. In outside markets, the US Dollar was also trying to recover from Monday’s losses while equities had some minor losses to start the day.

Crop reports from various state agencies were reporting on winter wheat ratings. In KS & TX, the wheat crop was rated at 38% and 34% good-to-excellent, respectively for the two states, unchanged from last year. In OK, the crop ratings dipped to 37% from 40% last week. In North Dakota crop ratings are 79%, Montana 62% and South Dakota at 62%.

Overnight, India announced a 10 percent import tax on wheat, reinstating the tariff after a gap of nearly four months that saw large overseas purchases. The government wants to curb imports when Indian farmers are starting to harvest their crops. India, the world's second-biggest wheat producer, lowered the import tax wheat to 10% from 25% last September and scrapped the duty on December 8.

South Korea's largest animal feed maker Nonghyup Feed Inc. (NOFI) purchased around 55,000 tonnes of soymeal in a tender for the same volume on Tuesday to be sourced from South America. Algerian agency ONAB purchased about 25,000 tonnes of optional-origin corn in a tender, also likely to come from South America.

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