Grains are lower in overnight trading:
Corn – 2 ¾ cents/bu (Dec @ 3.62 ½ )
Soybeans – ½ cent/bu (Nov @ 10.02)
Chi Wheat – 4 ¾ cents/bu (Dec @ 5.39 ½ )
Cdn $ +0.00100 (74.765 cents)
Chi Wheat +0.09/barrel (40.34)
Grain futures have traded both side of unchanged in the evening session. Soybeans currently sit right in the middle of their 10 cent overnight trading range, while corn and wheat futures are both within a penny per bushel of their lows for the night. Weekend weather in the USA Midwest was predominately dry, with some light rains in the central/southern Corn Belt which are expected to move eastward today. Overall, it is believed that harvest should not be held up too much by the precipitation.
Later this morning, the USDA will release it’s Weekly Export Inspection Report, and after the close we will see the USDA Weekly Crop Condition Report. On Wednesday (September 30th), the USDA will release a big report for the market in it’s Quarterly Stocks Report. The Quarterly Stocks report will confirm the USA ending stocks level for the 2019/20 marketing year for corn and soybeans. The trade is not looking for big adjustments in these stock numbers.
The big market question this morning is whether or not we see the Chinese come back to buy USA grains this week, after their noticeable absence on Thursday and Friday of last week.