Strong Number for Beans on Export Sales Report This Morning from USDA

Grains Found Buying Strength in the Overnight Session

October 2, 2020

Grains found a bit of buying strength overnight with beans and wheat leading the complex higher on 5 cent gains while corn lagged behind on a 2-cent advance.

EXPORTERS SELL 198,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO CHINA DURING THE 2017/2018 MARKETING YEAR- USDA

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Argentina's 2017/18 corn and wheat planted areas are seen at 6.2 million hectares and 5.4 million hectares, respectively, the Rosario Grains Exchange said on Wednesday, higher than the 5.85 million hectares and 5.3 million hectares planted in 2016/17. The 2017/18 wheat harvest will reach 17 million tonnes, the exchange said in its monthly report. The estimate for wheat planted area was slightly lower than the exchange's previous estimate for 5.45 million hectares due to excessively wet conditions in much of Argentina's grains belt.

Friday at 11 am CST NOPA crush estimates will be released. Traders look for the best August crush number in over a decade with 137.5 MB expected. That compares to 131.8 in August of 2016. Crush forecasts ranged from 133.1 to 144.7

This morning’s weekly export sales report from USDA showed a strong number for beans with 1.6 MMT sold versus 1 to 1-3 expected going into the report. Corn came in at the high side of the range while wheat fell below trade expectations.

Weekly Export Sales-