Grains are lower in overnight trading:
Corn – ½ cent/bu (Sept @ 3.10 ½ )
Soybeans – 1 cent/bu (Nov @ 8.77 ¾ )
Chi Wheat – 5 ½ cents/bu (Sept @ 5.05 ¼ )
Cdn $ =0.00070 (75.225 cents)
WTI Crude Oil -0.24/barrel (41.95)
Grains under modest pressure this morning, as the prospects for big USA yields continue to weigh on the market. Rains are forecast for most of the USA Midwest next week, which should keep production potential high.
USDA will release their Weekly Export Sales numbers later this morning for the week ended Thursday, July 30th. Those numbers are expected to show big export business, with market bulls hoping to see even more Chinese buying than was reported by the USDA daily flash sale system.
Egypt bought 410,000 bushels in their wheat tender yesterday. All being supplied by Russia (295,000 mt) and the Ukraine (115,000 mt). USA values continue to be uncompetitive to Middle Eastern wheat markets. Also bearish for wheat values was a survey of western Canadian wheat production potential from FarmLink Marketing Solutions which pegs the western Canadian wheat harvest at a record 39 million tonnes, well above the previous 2013 record of 37.6 million tonnes.