Traders will be watching weekly crop progress reports for signs of production issues. AgriSompo North America market analyst Sterling Smith says the next two to three weeks will be critical for this crop. “Monday’s weekly Crop Progress report from the USDA and the two weeks following will be where we’ll see greater clarity on the issue. I don’t think there will be lots of push for the wheat. I’m also getting more concerned about soybeans every day.” Smith expect to hear more about acres being abandoned in the coming weeks. Not just in the U.S., but in Canada, too. “Canada has plenty of weather issues, especially if you’re following the canola markets. The drought will create a lot of problems.”
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