WHEAT – Up 6 to 7 cents per bushel.
Falling dollar and short-covering amid oversold technicals
combine to lift wheat futures.
* USDA late on Monday said 53 percent of the U.S. winter
wheat crop had been planted, up from 33 percent a week ago and
slightly behind the five-year average of 54 percent.
* Dry weather favoring winter wheat seedings in Russia,
drier weather in Canada boosting harvest progress, mostly
favorable soil moisture conditions in Argentina while dryness a
concern in west Australia.
* Weather remains favorable for planting the 2011 U.S.
winter wheat crop, but rain is needed in some key western areas
of the U.S. Great Plains hard red winter wheat region.
CORN – Up 5 to 7 cents per bushel.
Follow-through from the late recovery on Monday, led by
end-user pricing boosting corn futures, in addition to support
from a falling dollar, firm crude oil and soaring gold to
record highs.
* Favorable harvest weather continues in the U.S. Midwest
as farmers make rapid progress gathering the 2010 corn and
soybean crops. While the dry weather is conducive to harvest,
it also is leading to some concern about depletion of soil
moisture reserves in the east and south.
* USDA late on Monday said 37 percent of the U.S. corn crop
had been harvested, up from 19 percent a week ago and well
above the 21 percent five-year average. Traders had expected
harvest progress from 35 to 40 percent.
Spillover from recovering corn market, a falling dollar,
gains in crude oil and a jump in gold prices to record highs.
* U.S. exporters report sales of 225,000 tonnes of soybeans
for delivery to China during the 2010/11 marketing year – USDA.
* Dry weather in the key U.S. soy areas continues to boost
harvest progress, but moisture is needed in some areas of the
east and south to boost soil moisture reserves.
* Rainfall in Brazil seen beneficial for the soon-to-be
seeded 2011 soybean crop and for now crop weather satisfactory
in Argentina, but there is some concern about potential dryness
due to La Nina.
* USDA late on Monday said 37 percent of the U.S. soybean
crop had been harvested, up from 17 percent a week ago and
above the 28 percent five-year average. Traders had expected
harvest progress at 30 percent.