Grains were slightly weaker overnight with limited trade activity. In outside markets, S&P futures and crude oil slid lower while the US dollar added to its string of recent gains.
Russian Deputy Prime Minister, Arkady Dvorkovich, said on Friday that the government has not yet made any decision on whether to change the wheat grain export duty, the TASS news agency reported. Russia's Agriculture Ministry said earlier this month it would like to keep the wheat export duty as a means of regulating the market but would like to see it close to zero or at zero, the Interfax news agency cited the ministry's First Deputy Minister Yevgeny Gromyko as saying.
In South America, a significant thunderstorm complex overnight brought locally heavy rain to parts of central Cordoba, central/southern Santa Fe, Entre Rios, and northern Buenos Aires. A more limited rain pattern otherwise remains anticipated for the balance of the 15-day period to keep any concerns with excessive rainfall isolated. The moisture is otherwise very timely to support high corn/soy yield potential and will prevent any stress with a brief warming (low to mid 90s in the hottest areas) early next week.
In crude oil, a record build in U.S. crude inventories last week stoked concerns over persistent global oversupply. Crude stocks rose by 2.1 million barrels to a peak of 504.1 million, data from the U.S. government's Energy Information Administration (EIA) showed on Thursday. Iraq's oil minister Adel Abdul Mahdi said on Thursday talks would continue between OPEC and non-OPEC members to find ways to restore "normal" oil prices after a meeting in Tehran on Wednesday.
WEEKLY EXPORT SALES
ACTUAL EXPECTED
Corn 1,297.9 600-1,000
Soybeans 595.7 400-700
Wheat 307.9 200-400
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