Grains mixed in the overnight. Wheat down 2 cents, corn down a penny, and beans up 3 ½ cents.
U.S. Dollar Index slightly higher this morning.
U.S. wheat futures edged higher on Wednesday, extending three-day gains to about 2.5 percent, as fears grow that Russia will act to curb exports.
Russia’s Agriculture safety “watchdog” yesterday warned of a potential suspension of 30 different grain loading ports, across two of the country’s top grain exporting regions; work could be suspended for up to 90 days IF a violation is found.
Brazil will see plentiful rains up into the 6-10 day time frame, particularly in the southern half of growing areas, keeping up strong moisture supplies for corn and soybean planting but providing some threat for wheat. Argentina is looking drier in the 6-10 day, limiting relief for some dry wheat regions.
Cash corn sales look appealing at the 3.65CZ level for those looking to sell before year end. CZ19 looks good at the $4 level.
Chart of the Day
Today’s chart shows comparison of last year’s bean and corn yield estimates vs this year’s for FC Stone, Informa, and the USDA. Informa is set to presumably raise their estimates on Thursday. USDA is set to release its monthly S & D Oct 11th.