Grains are mixed in the overnight. Corn up slightly, with beans down 3 cents and what down a penny.
USDA Report today. Grains should play it pretty quiet until 11 a.m.
CZ19 flirting with $4.00 level again, hitting a $3.99 high in the overnight.
IGC raised its estimate for world corn production for 2018/19 season by 10 million tons to 1.074 billion tons, driven by improved crop outlooks in the US, EU and Ukraine.
The USDA's official projections for 2019 crop planting won't be out for a few months, but USDA Secretary Sonny Perdue expects the US-China trade battle will affect soybean acreage.
Chart of the Day
Today’s chart shows cumulative soybean export sales by destination, for the first basically three weeks of the 2018/19 marketing year, compared to last season’s pace. Among the top fifteen or so destinations in both sales and shipments, only three are running behind last year’s pace sales-wise—two are Colombia and Peru (not shown below) which account for a combined roughly 15 mbu YoY sales deficit, and the last of course is China, which has bought 51 mbu of ‘18/19 beans thus far, versus 370 mbu last season.