Private exporters reported sales of 165,000 mt of corn for delivery to unknown destinations during the 24/25 marketing year.
There may be a lot of outside market influence this week with PPI, CPI, and retail sales reports all being released.
Energy prices are higher this morning on fears that Iran may retaliate against Israel. This should be supportive to ethanol and biofuels.
Private exporters reported sales of 300,000 mt of soybeans for delivery to unknown destinations. Of that total, 100,000 mt is for delivery during the 23/24 marketing year and the remainder during the 24/25 marketing year.
Argentine soybean processor workers have been striking for a week at this point. This has delayed vessels set to ship soybean meal and oil, which in theory should support the US market.
Brazilian soybean basis levels are reported to be firming up, which should help the US to garner some global export business.
Paris milling wheat futures gapped lower on Monday, which is weighing on US futures this morning. This is despite talk that the French crop may see a 25% drop in production compared to a year ago.
Showers are expected this week in the northern US and Canadian prairies. However, it may be too little too late to make much of a difference at this point for the spring wheat.
As of last Tuesday, managed funds hold a combined net short position of about 107,000 contracts of Chicago and Kansas City wheat.
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