Grains were mixed overnight as corn and wheat drifted lower while soybeans posted modest gains. Crude oil was up about a $1 a barrel with its sights on the $50 a barrel mark.
In wheat news, Egypt’s GASC bought 240,000 MT of Russian wheat yesterday. This tender found 9 different offers all from Russia and Romania. Overnight, Jordan announced that they were canceling their tender to buy 100,000 MT of wheat but a government official stated they would re-tender for the same amount.
There were rains in parts of the Western Cornbelt in the past day with more rains expected into Friday morning. Overall there is little risk to slowing harvest and the outlook beyond next week looks dry.
The US dollar dipped this morning after ADP said U.S. companies hired fewer workers than analysts forecast in September, raising doubts about job gains in the government's payrolls report due later this week. Later this morning EIA will release new crude and gas inventory data Yesterday, private firm API showed a high draw down of 7.6 million barrels of oil despite expert predictions that U.S. supplies would increase by 1.5 million barrels in the wake of multiple draw weeks.
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