WHEAT – Down 3 to 5 cents per bushel.
Pressure from news Australia increased its forecast for
wheat exports and Russian Prime Minister Putin repeated that
Russia would not need to import grain.
* Australia ups 2010/11 wheat export forecast 26 percent.
* Russia has enough grain, no export until 2011 harvest-PM.
* Dry conditions hamper winter grain planting and early
development of crops in Russia, Kazakhstan and Ukraine. Frost
in Canada ending the growing season causing harm to any
immature crops while improved weather seen in Argentina and
Australia.
* Showers in U.S. Plains help recharge soil moisture ahead
of winter wheat planting.
* USDA late on Monday said U.S. spring wheat 83 percent
harvested, up from 76 percent a week ago and down from 91
percent five-year average.
CORN – Down 2 to 3 cents per bushel.
Seasonal harvest pressure as U.S. harvest weather improved
and on profit-taking amid overbought signals near two-year
highs.
* Rainfall over the next few days will slow harvest in the
western and northern portions of the U.S. Midwest. Otherwise,
there are no significant concerns for mature crops or crop
harvests from the eastern and southern Midwest to the Delta.
* USDA late on Monday said 11 percent of the U.S. corn crop
had been harvested, within estimates for 10 to 15 percent, up
from 6 percent a week ago and above the 6 percent five year
average. Also, 52 percent of the crop was
mature and 93 percent dented, ahead of the average pace.
* USDA said corn conditions 68 percent good to excellent,
down from 69 percent a week ago and down from 69 percent a year
ago.
SOYBEANS – Down 6 to 7 cents per bushel.
Early harvest of a likely record large U.S. soybean crop
lending pressure.
* Drier weather is favoring maturing cotton and soybeans in
the Delta and also is conducive to early seedings of winter
wheat.
* Rainfall over the next few days will slow harvest in the
western and northern portions of the U.S. Midwest. Otherwise,
there are no significant concerns for mature crops or crop
harvests from the eastern and southern Midwest to the Delta.
* USDA late on Monday said 63 percent of the U.S. soybean
crop was in good to excellent condition, down from 64 percent a
week ago and down from 68 percent a year ago. [
* USDA said 38 percent of the soy crop was dropping leaves.
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