Grains are sharply lower in overnight trading:

Sept Corn – 13 ¼ cents/bu (5.58 ½ )

Dec Corn – 15 cents/bu (5.53 ½ )

Nov Soybeans – 25 ½ cents/bu (14.13 ¾ )

Sept Chi Wheat – 20 ½ cents/bu (6.70 ¼ )

Cdn $ +0.00035 (79.645 cents)

WTI Crude Oil +0.49/barrel (70.79)

Grains have been under pressure from the opening bell last night, in what is being called a delayed reaction to news earlier in the week that that suggested that the Biden administration was considering changes to the mandated blending requirements for ethanol in gasoline.

The market is bracing itself for another disappointing USDA Weekly Export Sales Report later this morning, as high prices are thought to be having a negative impact on generating any major sales activity.

Weather remains dry in the US Midwest, both nearly through the weekend and in the 6 to 10 day window.  However, there are more “chances” for precipitation in this morning’s 11 to 15 day window, and that is also causing the market to take a breather from it’s recent rally.