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On the Grains
Grains are all higher in overnight trade with wheat leading the gains. That freeze on already drought stressed wheat in Russia has caused three of its key wheat districts to declare a “state of emergency” and that’s led to more short covering by funds. In supportive news for corn, the Rosario Grain exchange just reduced its estimate for Argentina’s crop another 2 million tonnes, to 47.5 million versus USDA’s April WASDE at 55 MMT. The trade may also already be responding to yesterday’s confirmation from NOAA that we’ll likely see an earlier shift to La Nina conditions known for bringing hotter and drier summers to the central part of the country.

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