In the overnight session the grains traded higher with corn up 1/2 a cent, soybeans up 3 3/4 cents and wheat up 3 cents. The outside markets are mostly supportive with the U.S. dollar lower by a fraction of a percent, the S&P trading marginally higher and crude oil up 56 cents this morning. Traders are anticipating the Friday release of the USDA October Supply and Demand Report.
Wheat continues to move higher on dryness concerns in Ukraine and Russia. Both countries precipitation is running roughly 40 percent behind normal and forecasts of dryness and cold weather over the next 10 days continues to help support under wheat.
Egypt’s GASC purchased 60,000 metric tons of wheat from Ukraine and another 60,000 metric tons of Russian wheat with an average price of $199.72 dollars per metric ton.
Weather will remain mostly clear throughout this week with Thursday bringing some showers to the grain belt. The 6-10 day forecast shows drier than normal conditions throughout the majority of the grain belt with Ohio showing slightly wetter conditions. The 8-14 day forecast continues to bring dryness throughout the Midwest providing little opportunity for weather to disrupt harvest in the near term.
