In the overnight session the grains traded lower with December corn down 1 ¼ cents, November Soybeans up 1 and December Chicago wheat down 1 ½ cents. Corn has been trading in a sideways pattern since the end of August and is currently trading in the middle of the range. November Soybeans will likely test its trendline support today or early next week which will be a key event to observe.
EXPORTERS SELL 238,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO CHINA DURING THE 2017/2018 MARKETING YEAR
EXPORTERS SELL 132,000 METRIC TONS OF CORN FOR DELIVERY TO SPAIN DURING THE 2017/2018 MARKETING YEAR
The weather forecast in Argentina continues to bring moisture which has slowed planting this season. Although Eastern Argentina will see a brief pause in the precipitation today, additional rain is expected late this weekend with even more moisture is in the forecast for next Wednesday through Friday. Soybean planting started over two weeks ago and was reported at 1.8 percent complete in the latest agricultural report.
China has announced that it has cut its minimum purchase price for wheat to $346 per metric ton, which is down 2.5 percent. The move was announced by the National Development and Reform Commission and was intended to help lower the country's massive wheat stockpiles. The cut was widely anticipated and is not expected to impact winter wheat planting decisions for the next season.
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