Grain prices were mixed to start the week with corn and wheat lower while soybeans were higher. In outside markets, the US dollar was fractionally higher while crude oil also moved up slightly.
Moscow consultant IKAR pegged the Russian wheat crop at 63.5 MMT, up 1 MMT than previous forecasts but only 0.5 MMT higher than the latest USDA forecasts. Wheat prices in Russia were firmer last as the rouble strengthened by 1% against the dollar and global price benchmarks rose.
China will postpone a state soybean reserves auction, the National Grain Trade Center said in an online statement on Tuesday. The statement didn’t provide a new auction date. According to an earlier statement, China had planned to auction 300,400 MT of soybeans from state reserves on June 1.
Weekend rains over the Midwest were not as abundant as predicted Friday and some fieldwork may have advanced, but more importantly fieldwork will be quicker in resuming this week as soon as abundant sunshine returns. Rainfall reached 1.00 to 2.00 inches in eastern Nebraska, southeastern. Similar rainfall occurred in eastern Iowa and northeastern Missouri and in South Dakota and in random locations from northern Iowa and southern Minnesota to parts of Wisconsin random locations across central Ohio.
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