Grains were mixed overnight as soybeans were tending weaker while corn and wheat were hovering around unchanged going into the morning break. In outside markets, equity futures and crude oil were in slightly positive territory.
On Monday USDA reported that the US corn crop was 61% harvested versus 46% last week and 63% for the 5-year average. Soybeans was 76% harvested versus 62% last week and is on par with the 5-year average.
In overnight action, Egypt tendered for more wheat and 7 offers were made with the lowest coming in at $182.74/MT from Russia, although there was one US offer by Cargill for $185. South Korea was also in the market for 70,000 MT of corn. This morning USDA announced a 516,000 MT sale of US soybeans to China.
Barge rates shot up yesterday along the river with gains of 10 cents or more a bushel in barge freight costs. River terminals had steep losses in basis, especially soybeans which saw CME delivery point markets lose 15 cents on spot basis. Current basis levels at CME soybean delivery facilities are running 25 cents below normal as we head closer to first notice day on Monday for November futures.
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