Grains are mostly lower in overnight trading:

Dec Corn – 1 ½ cents/bu (5.31 ½ )

Nov Soybeans – 5 ½ cents/bu (12.22 ¾ )

Dec Chi Wheat + 1 ¼ cents/bu (7.33 )

Cdn $ +0.00135 (80.265 cents)

WTI Crude Oil unchanged/barrel (80.52)

Grains, particularly soybeans, continue to feel under pressure ahead of the USDA October Crop Report release at noon ET today.  The recent slide in soybean values confirms the trade’s fears that today’s report will be bearish for soybeans in terms of projected carryout stocks and in terms of 2021 bean yields, which have been anecdotally better than expected.

Later today, we will also get the USDA Weekly Export Inspection Report and the USDA Weekly Crop Condition Report.  No major surprises are expected from those releases.  Today, it is all about the Crop Report.

Weather forecasts call for rainfall to pick up in the western Corn Belt today and tomorrow, with the southern/eastern Belt expected to get rains Thursday and Friday.  Extended maps look warm and dry into late October.