Crop Progress data showed that the US winter wheat crop was 71% headed, which is 13 percentage points ahead of normal. The good-to-excellent crop condition rating declined by 1% to 27%. The Brugler500 index fell by 6 points to 271. Conditions in Kansas and Colorado dropped by 12 points, Mississippi fell by 8 points, and Texas declined by 11 points. The average rating for major HRW wheat states dropped another 7 points to 220. Meanwhile, the average for major SRW states increased by 1 point to 359, and white wheat states also gained 1 point to reach 383.

Rain is expected across much of the Southern Plains next week, although it may come too late for a large portion of the crop. The rainfall could also delay early harvest progress.

Brazilian private consultancy Veeries expects the country’s soybean acreage to increase by only 400,000 hectares (around 988,420 acres), marking the smallest expansion in 20 years due to tight profit margins and rising fertilizer costs.