Markets are treading quietly this morning with corn up only a penny as technical trade is bearish and weather bullish.
This weekend, hot temperatures are expected to return with virtually no rainfall in the forecast. Minnesota and Iowa have better rain chances over the next 7 days,
The weather conditions may be causing the crop to mature too rapidly with many producers seeing ears drop already.
US ethanol stocks fell by 5% to 21.609 million barrels and analysts had been expecting 22.599 mln bbl.
Soybeans are unchanged this morning while soybean meal is lower and soybean oil higher.
The 14 dollar level remains significant resistance for November soybeans as producers have been more willing to sell at that level.
Today’s export sales report should show a large increase in commitments to China or unknown destinations after the recent string of sales.
South American soybean meal was offered as much as 9 dollars a ton lower yesterday with the market under pressure as trade anticipates an expansion of US soybean plantings.
Wheat is trading lower this morning with a new contract low in Dec Chicago wheat and KC wheat with a new yearly low.
SRW values are now approaching parity with other world exporters which could finally see US exports begin to pick up.
Russia has said they would talk to Turkey about an alternative to renewing the grain deal where they would sell grain to Turkey at a discounted price with financial support from Qatar.
Wheat production in Canada is expected to be 14.2% lower than last year’s crop, according to estimates released Tuesday by Statistics Canada on its website.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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