In the overnight session the grains traded lower with corn down 2 cents, wheat down 1 3/4 cents and soybeans down 3 3/4 cents. The U.S dollar index is down 1/4 of a percent and crude oil is off 11 cents this morning. This morning a reportable export sale was announced for 121,400 metric tons of old crop corn to unknown destinations.
Yesterday, the Argentinian Agricultural Ministry is anticipating a record 59 million metric ton soybean harvest this growing year, up from their previous forecast of 58 million metric tons. The increase in production was due to higher than expected yields in certain growing regions.
By Thursday night truckers in Brazil took to the roads to strike again, with local authorities counting 17 strike locations. Truckers began striking again after not adequately addressing their issues in the latest negotiations. Although it is improbable that the latest Brazilian trucker strike will escalate to the level it reached over the last couple months, it is still an issue that deserves close attention over the coming week.
The weather outlook next week is positive for U.S. planting and fieldwork with limited showers expected in the forecast. Planting pace was reported at 9 percent for corn in the last planting progress report, while spring wheat made the largest gains, jumping to 36 percent planted compared to a four year average of 19 percent during the same time period.
