Grains slipped overnight with soybeans giving up 6 of yesterday's 10-cent advance. Corn and wheat also moved lower in the night session. In outside markets, crude oil held steady around the $43 mark while the US dollar was mildly lower.
On Monday after the close, USDA’s crop ratings showed a drop in corn condition from 76% good-to-excellent last week to 74% good-to-excellent this week. Soybean atins held steady on the week. In the Eastern Corn Belt of IN & OH, conditions continue to be sub-par. Corn in Ohio slipped on the week from 54% to 47%, soybeans 58% to 52%, Indiana corn from 77% to 73%; soy 75% to 74%.
Rains were non-existent in the last day over the US Midwest except for parts of Western NE
and S MO. Weather models show some chance of rain in the ECB next week.
France's weather-hit soft wheat harvest will produce 28.68 million tonnes, down 30 percent from a record 2015 crop, consultancy Agritel said on Tuesday. The production estimate was based on an average yield pegged at 5.48 tonnes per hectare, down from 7.93 tonnes per hectare last year, Agritel said in a harvest report. However,Russia should see higher wheat production this year. Russia's IKAR agriculture consultancy said on Tuesday it had upgraded its forecast for Russia's 2016 grain crop by 2 million tonnes to 116 million tonnes. Its wheat crop forecast for the year was raised by 1 million tonnes to 70 million tonnes, IKAR added.
Crude oil took a break overnight from recent gain $39 mark up to $43 a barrel in the past week. The market has found renewed strength thanks to OPEC stating in a written statement on Monday the cartel will hold an informal meeting in Algeria on September 26-28 on the sidelines of the 15th International Energy Forum.
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