Grains were mostly directionless to start the week with corn down 1, soybeans up 1 and Chicago wheat giving up 4.
Private exporters reported to the U.S. Department of Agriculture export sales of 352,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.
Despite a drop in U.S. wheat production this year, a record Russian harvest and large crop in Ukraine are expected to keep international markets well supplied this year. In addition, Egypt is said to be considering rejection of a French wheat cargo due to the presence of poppy seeds which lends more uncertainty about the world’s #1 wheat importer.
Tomorrow brings new data from USDA with the release of the Quarterly Stocks report and USDA’s WASDE Report. For corn, traders look for a 168.2 bushel yield as compared to August of 169.5 while soybeans are pegged at 48.8 vs USDA at 49.4. Traders also look for a slight drop in US new-crop carry-out numbers with corn expected to 2,180 MB from USDA’s August projection of 2,273 while soybeans dip to 442 MB from USDA’s August estimate of 475 MB.
The weather forecast has mostly dry weather for the dominant grain areas for the next week. This could reduce chances for late rains to add esp to the US soybean yield. The 11-16 day forecast has no cold air threats with close to average temps for the Plains, Midwest, and Delta. Precip looks to run near average in the Midwest and Delta and below average in the Plains.
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