Grains sunk lower overnight with soybeans and wheat leading the complex lower.
On Monday after the close USDA released their crop condition report showing corn ratings unchanged on the week at 67% good-to-excellent. Traders had expected the ratings to improve to 68%. For soybeans, the ratings improved slightly to 67% from last week’s ratings of 66%. For spring wheat, another surprising drop as ratings hit 41% off from 45% last week and expectations going into the report which looked for an improvement to 47%.
Egypt announced the close of its local wheat harvest on Tuesday, having bought 3.4 MMT of wheat from farmers, Supply Minister Ali Moselhy said, just short of the government’s target of 3.5-4 million. Egypt this year scrapped the subsidy it traditionally pays farmers and instead pegged the local buying price to world market prices for the grain, a measure that traders have said removed the incentive for smuggling but left the country with a lower procurement figure.
Grain cargo ships in Argentina’s main shipping hub of Rosario were halted late on Monday when replacement workers filling in for striking unions walked off the job after receiving threats, the country’s export chamber said. Regular port workers were on the fifth day of a wage strike on Monday when replacement workers were brought in early in the day, allowing for the resumption of some loading of freshly harvested corn and soy.
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