Grains were mixed overnight as soybeans posted solid gains to start the week while corn and soybeans drifted lower. Outside markets reacted sharply to the weekend announcement that the FBI would not change its view on Clinton’s emails. This sent equity markets sharply higher and gave the US Dollar and crude oil a big bounce.
USDA announced a 172,000 MT sale of corn, a 132,000 MT of soybeans and a 135,000 MT of soymeal this morning.
Palm oil traded higher as did other Asian veg oil markets, helping lift soybean futures. Rains are expected in the coming days in Argentina to add to the flooding woes for farmers there. The north-central La Pampa and far
southern Cordoba had seen a record 20 inches of rain during the month of October and 16 inches of that occurred in a 12-day period. Some are suggesting the Argentine wheat crop could be in the low 13 MMT range vs USDA at 14.4. But, in Brazil weather continues to be mostly favorable with 53% of the soy crop planted versus a 5-year average of 49%
Grain markets will look to USDA on Wednesday for their latest crop estimates,. Traders expect soybean yields to be bumped by 0.6 bushels per acre to 52.0 but also look for higher exports. Overall the trade is expecting carryout to go from 400 to 420 MB. For corn, analysts are mixed on yield, with the average estimate showing a 0.2 bushels per acre decline to 173.2
Stocks and the dollar posted their biggest gains in weeks on Monday after the FBI said it stood by a recommendation that no criminal charges were warranted against Hillary Clinton. The news lifted a cloud over the Democrat's presidential campaign two days before the U.S. election and put Wall Street firmly on track to snap a nine-day losing streak
