Grains were mixed overnight with corn and soybeans drifting lower while wheat managed to find its way into positive territory. Outside markets saw crude oil and the US dollar higher.
After the close Monday, USDA’s crop progress report showed the corn condition held steady at 75% good-to-excellent, while the soybean crop gained 1% going to 73% good-to-excellent. The corn crop is 9% mature versus the 5-year average of 11%.
This morning, USDA announced a sale of 126,000 MT of soybeans. On Monday, they announced a deal for 393,000 MT of soybeans.
Farm Futures magazine released the results of a farmer survey that showed growers are more likely to plant soybeans next year versus wheat and corn. Growers will plant 84.4 million acres of soybeans next spring, up from 83.7 million in 2016, and 93.1 million acres of corn, down from 94.1 million this year, according to the survey. Low prices will prompt farmers to slash wheat area for a fourth straight season to 49.1 million acres, which would be the lowest U.S. all-wheat acreage since 1970, according to the online survey of 1,225 farmers conducted in late July and early August.
Oil futures fell Monday on growing expectations that the U.S. Federal Reserve could raise interest rates as early as next month and that a group of major crude producers may fail to come up with a pact to stabilize output.
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