Grains posted modest gains overnight while crude oil was sharply higher. The US Dollar was in positive territory holding on to 13-month highs.
USDA announced two soybean sales this morning totaling 247,500 MT.
On Monday USDA pegged the corn and soybean harvest nearly complete with 94% and 97% harvested, respectively. Winter wheat ratings inched higher hitting 59% good-to-excellent versus 58% last week and 52% last year.
Curbs on speculation in Chinese markets continued to take their toll as Chinese soybean prices fell 4.4% overnight after falling 5% on Monday. Chinese investors renewed their push into commodity futures this month and increased their bets shortly after Republican Donald Trump's shocking U.S. presidential win on Nov. 8 amid a sell-off in global markets.
Japan was in the market to buy wheat in a usual tender that is generally done 3 times a month. Later this morning NOPA will release its October crush figures with analysts looking for 160.5 MB. Estimates range from 18.3 to 163.1. The report will be released at 11 am CDT.
In South America, moisture continues to improve for N. Brazil over the next 2 weeks while it tends to drier conditions in C. Brazil. Rains should be limited next 10 days in wet SW 1/4 of Arg./far S. Brazil, but wetter trends in 11-15 day. Argentina corn/soy seeding to remain slow to recover in SW but move along well elsewhere.
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