Grains Continue to Flounder in the Overnight Session
Today USDA Reports Export Inspections
Grains continued to flounder overnight with corn and wheat dipping further into negative territory while beans put on a 4-cent going into the break.
Today will bring USDA reports on export inspections and crop progress as Monday’s Columbus Day holiday delayed the reports. Weather yesterday was mostly dry with the exception being some rains showers in MO/IL. Harvest progress is expected to show more advancement for soybeans than corn over the last week.
France's farm ministry raised its forecasts for the country's 2017 corn and wheat crops. The ministry pegged the corn crop at 13.0 MMT from 12.75 million last month, putting the crop 11.4 percent above last year's level. Soft wheat output was increased slightly to 37.9 MMT from 37.8 last month. This put the 2017 crop up 37.7 percent compared with weather-hit 2016 output and on course to be the third largest on record, the ministry said.
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