In the overnight session the grains were mostly unchanged with December corn unchanged, November soybeans unchanged and December Chicago wheat up 2 ¾ cents. The weather forecast provides very little moisture over the next two weeks and cooler temperatures are expected to enter the Midwest by September 5th. Opportunities for precipitation look to be limited mostly to the Delta, eastern Grain-belt and Ohio river valley region in the 1-5 day forecast.
The grains have come under pressure following the Pro Farmer crop tour as traders became less concerned that the USDA would revise production lower. The grains could be facing further pressure from the cash market this week as unpriced DP cash grain contracts for old crop corn and soybeans will need to be set by Thursday. The crop marketing year will begin September 1st for corn and soybeans.
Exporters sell 131,000 MT of Soybeans for delivery to China during the 2017/2018 marketing year. USDA
In the wheat tender that closed Tuesday, Egypt’s grain buyer GASC announced it bought 295,000 metric tons of wheat primarily sourced from Russia with 60,000 metric tons sourced from Ukraine.
On the domestic front, 226,000 metric tons of corn was sold to Mexico for delivery during the 2017/18 marketing year and 198,000 metric tons of soybeans were sold to China for delivery in the 2017/18 marketing year.
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