In the overnight session the grains traded lower with December corn down 2 ¾ cents, November soybeans down 5 ½ cents and December Chicago wheat down ½ cent as weekend precipitation and additional moisture in the forecast puts pressure on the market.
EXPORTERS SELL 463,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2017/2018 MARKETING YEAR. EXPORTERS SELL 198,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO CHINA DURING THE 2017/2018 MARKETING YEAR- USDA
Weekend rains fell in Southwest Minnesota, Central and Southeast Nebraska, Southern Iowa and Northern Missouri. The latest weather forecast shows temperatures will begin to cool down throughout the Midwest by Tuesday and are likely to stay cool for the remainder of the month.
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The Pro Farmer crop tour will kick off today and will scout around 2,000 fields between the 21st-24th. The tour is split into two different legs starting on opposite sides of the country. The first leg will start in Western Ohio and travels through Indiana, Illinois, eastern Iowa and into Minnesota while the second leg starts in South Dakota and goes across Nebraska, Western Iowa and into Southern Minnesota. The summary of the Tour’s yield estimates is presented in Minnesota on the 24th.
This morning the Saudi Arabian main state wheat buying agency announced that it had purchased 490,000 metric tons in a wheat tender that averaged $218.19 per metric ton. The wheat was sourced from the European Union, North and South America and Australia. This morning the South Korean corn processing industry association purchased about 55,000 metric tons of corn in a tender that closed Friday.
According to the Commitment of Traders report for the week ending August 15th, managed money cut their net long position for corn and soybeans in the latest report. Corn positions held by managed money fell by 27,271 this week to 39,802 while soybeans fell 27,312 to a net short position of -14,399. The net short position in Chicago Wheat increased this week to -34,236.
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