US Hard Red Winter Wheat ratings are far below last year. The Kansas wheat crop condition is rated at only 38% good to excellent, down from 56% last year at this time. Oklahoma’s crop is rated 37% good to excellent, down from 63% last year at this time.
USDA raises its forecast for 2016-17 Brazilian corn output by 5 million tonnes from last month, to a whopping 91.5 million. Argentina’s crop is revised up 1 million from last month to 37.5 million tonnes. That’s a new record high for the two countries, up 34.3% from a year earlier.
—USDA monthly global crop update, released Thursday.