-Declining soybean/corn conditions supportive in overnight trade
-USDA reports routine soybean/corn sales
-Russian wheat yields remain on the defensive
-French soft wheat crop ideas lowered again
Soybeans are leading the way higher this morning following the 1% decline in crop conditions last week and, while the decline was in line with expectations, conditions are the lowest of the year so far. Similarly, corn conditions are also the lowest of the season, declining in four of the last five weeks, with this week’s 2% decline greater than expected.
 Yesterday afternoon’s USDA Crop Progress update showed U.S. corn conditions declining 2% in combined good/excellent to 60% vs wire service-reported average market expectations for a 1% decline and compares to 64% g/e at this time last year. The overall crop rating is the nd worst of the last nine years for late August. A notable 7% g/e decline was reported for IL on the week, while WI was down 5%, MO and ND down 4%, and KS and OH down 2%, while IA was unchanged. Nationwide, 41% of the crop is dented vs 38% average and expected to accelerate given the near term hot forecast.
 U.S. soybean conditions declined 1% in g/e last week to 56% g/e, in line with wire service-reported expectations and compares to 69% g/e a year ago, while the overall rating of the crop is the lowest in nine years and 2nd lowest of the last 14 years for late August. This week’s changes included 4% g/e declines in IL, MO and KS, 3% in NE, MI and TN, and 2% in ND. Improvements were reported in IA and SD of 3% and 2% in MN.
ï‚· U.S. spring wheat harvest continues to fly along given the season-long dryness, now 77% complete vs 58% last week and 55% average, with ND 73% harvested vs 50% average.
ï‚· USDA reported the sale of 132k tonnes of soybeans to China and 125k tonnes of corn to Mexico, both for 2021/22 delivery.
 With 19.9 million hectares (49.2 mil acres) of wheat now harvested in Russia, vs 18.8 mil ha (46.5 mil acres) at this time last year, the ag ministry’s latest update shows average wheat yields running 13% behind last year so far, a further decline in yield performance relative to last year as yields were running 9% below year ago levels in their last update on August 11. The ag ministry temporarily paused harvest result updates as they refined the reporting format of the data. The USDA’s latest Russian wheat crop estimate of 72.5 MMT (85.4 MMT last year) assumes wheat yields down 13% from last year.
 French ag consultant Agritel solidly cut their estimate of the French soft wheat crop to 34.9 MMT from 36.7 MMT earlier in the month following the heavy late-season rains. While still up from last year’s drought-impacted 29.2 MMT crop, the new estimate is below the 10-year average for soft wheat production. Additionally, they said a large portion of the crop will be feed quality as a result of the excessive rains and will likely be pushed into Asian feed markets as a result.