Corn and soybeans were holding on to modest gains going into the morning trade break while wheat drifted lower. Outside markets saw crude oil and the US dollar higher.
USDA announced the sale of 132,000 MT of soybeans to unknown destinations.
This morning at 11 am CDT, USDA will release their latest WASDE report which is expected to show only minor revisions. Traders look for a slight drop in soybean carry-out and minor bump higher in corn stocks.
Overnight, a group of Israeli private buyers bought corn and feed barley to be sourced from optional origins in a tender which closed on Thursday. The group had sought 95,000 tonnes of corn and 30,000 tonnes of barley. Taiwan's maize industry procurement association MFIG purchased around 65,000 tonnes of corn expected to be sourced from the United States in an international tender which closed on Thursday.
Argentina saw some rains yesterday in about 15% of the Grain Belt, but the outlook for the next week shows limited rain potential. But, temperatures are likely to remain normal. The best chance for rain in Argentina is in the 11 to 15 day forecast. Meanwhile Brazil has nearly ideal growing conditions.
Oil futures firmed on Friday, consolidating gains ahead of a weekend meeting of major oil-producing countries for a deal to cut production. Traders and analysts are now awaiting the outcome of a meeting between OPEC members and oil producers from outside the cartel, including Russia. OPEC is hoping to get big producers outside the cartel to cut a further 600,000 barrels a day. Russia has indicated it will take on half that burden.
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