Traders await tomorrow's USDA report
A mixed start is currently indicated in the grains following mixed prices overnight. The early tentative call is steady wheat, 1 higher corn and 1-2 lower beans. Crude oil and equities are a bit higher while the $ is a little lower, providing modest background support for the grains. The main focus of the market today is likely to be evening up or positioning ahead of the big USDA Sep crop report tomorrow am. Unless something spectacular happens today, it will be forgotten as soon as the closing bell sounds at 1:15pm Central time with traders looking forward to tomorrow's report, not backward to today's session. It could be a relatively dull trade today except for the need to adjust positions ahead of tomorrow.
Weekly Export Sales were not out this am, delayed until tomorrow am due to Monday's holiday. Dec wheat hit its lowest level yesterday since April 2007 as large world wheat supplies continues to weigh on this market.
Monsoon rains continue to improve in India with the week ending Sep 9 seeing rain 21% above average.
The US Midwest was mostly dry the last 24 hours. It will continue on the dry side with warm temps the rest of this week into early next week, when light, scattered rain is possible. The 6-10 day calls for warmer than normal temps with above normal rain in the east, below normal rain in the west. Light rain is forecast in the southwest winter wheat belt tomorrow through the weekend, which will be welcome. The 6-10 day calls for warmer than usual temps and below normal rain. The lack of any freezing temps in the Midwestern forecast remains the main bearish influence for corn and beans. ---Vic Lespinasse
Weekly Export Sales were not out this am, delayed until tomorrow am due to Monday's holiday. Dec wheat hit its lowest level yesterday since April 2007 as large world wheat supplies continues to weigh on this market.
Monsoon rains continue to improve in India with the week ending Sep 9 seeing rain 21% above average.
The US Midwest was mostly dry the last 24 hours. It will continue on the dry side with warm temps the rest of this week into early next week, when light, scattered rain is possible. The 6-10 day calls for warmer than normal temps with above normal rain in the east, below normal rain in the west. Light rain is forecast in the southwest winter wheat belt tomorrow through the weekend, which will be welcome. The 6-10 day calls for warmer than usual temps and below normal rain. The lack of any freezing temps in the Midwestern forecast remains the main bearish influence for corn and beans. ---Vic Lespinasse



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