In the overnight session the grains were mixed with corn up 3/4 of a cent, soybeans down 5 1/4 cents and wheat up 6 1/2 cents this morning. The U.S. dollar is trading a fraction of a percent higher and crude oil is down 86 cents this morning. Last Friday, the Chairman of the Federal Reserve, Janet Yellen, announced that a rate hike will most likely come at the end of the year.
This morning the USDA announced that 1,000,000 metric tons of soybeans was sold to China for 16/17 delivery and 249,000 metric tons of soybeans to unknown destinations for this marketing year. Last week soybeans rallied 15 cents on strong export sales and will most likely react positively to the news of additional sales this morning. In the weekly commitment of traders report released on Friday, non-commercial traders increased their net short positions in corn and soybeans but trimmed their short position in wheat.
This week’s weather looks to be drier throughout the Midwest which will help speed along harvest. However, the plains look to receive precipitation in the second half of this week. The extended forecast shows that it will be wetter than normal in North Dakota down through Nebraska and including Iowa and Minnesota in the 6-10 day forecast with temperatures remaining mostly average for this time of the year.
