Grains are slightly lower in overnight trading:
Dec Corn – 1 cent/bu (5.25 ¾ )
Nov Soybeans – 4 ¾ cents/bu (12.13)
Dec Chi Wheat – 1 ¾ cents/bu (7.32 ¼ )
Cdn $ -0.00095 (80.65 cents)
WTI Crude Oil +1.21/barrel (83.49)
US Midwest weather forecasts are dry through this weekend, which should allow for a rapid resumption of harvest activity. Extended forecasts have turned very wet for the Corn Belt, with big accumulations expected next week right into the beginning of November. It is that anticipated resumption of harvest that is currently pressuring grain prices.
Overnight saw two sided trade in all of the major grains. The surge in commodity prices continues, as inflation concerns, and pent up consumer demand supports values. Grain market bulls will be looking for further confirmation this morning of export business through the USDA Flash Sale Reporting system, as well as evidence of increased export activity in the USDA Weekly Export Inspection report.
Brazil saw good rains over the weekend, while Argentina remains dry. Brazil is expected to see more rains this week, except for the far south, while Argentina has a chance for rain in central geographies later this week, but will remain mostly dry.