In the overnight session the grains were mixed with December corn down 1 ¼ cents, November soybeans up 2 cents and December Chicago wheat down 1 ¾ cents. There was spotty showers over the last day in Western Michigan, Indiana, Eastern Wisconsin and Northwest Ohio. The shorter term 1-5 day forecast will be dry with precipitation in the Western grain belt expected in the 6-10 day forecast. The 6-10 day weather temperature is expected to remain cooler than normal, but the risk of an early freeze is still unlikely over the next two weeks.
This morning Reuters reported that the EU is expecting to lower Tariffs on Argentina Biodiesel imports by late September. This news follows the announcement in August that the U.S. will increase Tariffs on Argentine Biodiesel and that the countervailing duties could be as much as 64.17 percent.
On Wednesday, Linn & Associates pegged the domestic corn crop at 13.765 billion bushels with a yield of 165.8 bpa and harvested area of 83 million acres. Their soybean estimate was for 4.423 billion bushels with a 49.3 bpa yield estimate. Both estimates fall below the August WASDE report which pegged corn at 169.5 bpa and soybean yield at 49.4 bpa. The September WASDE report will be released at 11 AM CST on Tuesday September 12th.
Due to the holiday this week, export sales have been pushed back a day and will be released tomorrow. EIA ethanol production which will wrap up the 2016-17 marketing year will be released later today.
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