USDA Crop Progress:
- US corn 62% planted up from 39% last week just behind 5 year average pace of 63%;
- US soybeans 35 % planted up from 15% last week and ahead of the 26% 5 year average;
- US spring wheat 58% planted up from 30% last week, behind 5 year average pace of 67%;
- US winter wheat 36% reported good / excellent condition up from 34% last week (51% last year).
US soybean markets seeing support from higher than expected export inspections, and possible resolution in ongoing trade dispute between US and China.
Brazil will surpass the United States as the largest producer of soybeans this year, taking over the top ranking for the first time in history, according to oilseeds crusher group Abiove. The U.S. is expected to harvest 116.48 million tonnes of soybeans later on in 2018, falling short of Brazil’s estimated collection of 117 million tonnes for its crop year that is just drawing to a close.
Market views that Australia wheat and rapeseed yields at increasing risk due to to near record low soil moisture conditions across key growing areas.