Grain futures are higher in overnight trading:

Corn + 3 ½ cents/bu (Sept @ 3.22 ¾  )

Soybeans + 1 cent/bu (Aug @ 8.61)

Chi Wheat + 4 cents/bu (Sept @ 4.79 ¾ )

Cdn $ unchanged (73.225 cents)

WTI Crude Oil +0.28/barrel (38.77)

Cereal grain futures have traded in positive territory for most of the overnight session, as USA Midwest rain accumulations and coverage were generally less than forecast.  Couple that with weather maps this morning showing dryness for most of the Corn Belt over the next two weeks, and that has the big shorts in corn and wheat futures a little nervous.

This will be a big week for the market in terms of USDA reports.  Later today, we will see the USDA’s Weekly Crop Progress Report, which is expected to continue to show the 2020 corn and bean crop in tremendous shape.  Tomorrow, at noon EST, the USDA will release it’s Quarterly Stocks Report, and it’s 2020 Seeded Acreage Report.  Those reports are expected to confirm big USA grain stocks, and large corn and bean acreages, since the 2020 crop was able to be planted without any serious seeding delays.

The market will be looking today for evidence of continued Chinese buying interest.  Of course, COVID-19 concerns are also front and center, as the USA grapples with record daily infection rates of late, and that raises concerns over the economy and commodity demand.  But for this morning, weather is the driving force behind market direction.