Grains are steady in overnight trading:
Dec Corn – 1 ¼ cents/bu (5.25 ½ )
Nov Soybeans + 2 cents/bu (12.87)
Dec Chi Wheat – ¾ cent/bu (7.23)
Cdn $ +0.00015 (78.985 cents)
WTI Crude Oil +1.41/barrel (75.39)
Very little in the way of fresh news this morning, as traders await Thursday’s USDA September 30th Stocks and Small Grains Report. Outside markets are trying to add a little support as energy prices continue to rise. Attention will also be give not Washington this week as politicians debate funding of the government, raising USA debt limits, and the infrastructure bill.
Friday came and went with no announcement from the EPA over renewable fuel mandate levels. There is speculation that the White House has become more involved, as renewable fuel backers have pushed to try to alter the “leaked” levels from early last week that suggested cuts to ethanol and biodiesel mandated usage levels.
Rains in the US Midwest were confined to the northeast, which allowed for some decent harvest progress to occur. Hot and dry to start the week, with potential rains coming into parts of the Midwest late in the week.