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Limited Movement in the Overnight

Crude Oil Remains in Positive Territory

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Grains were mixed overnight with limited movement in the complex to start the day. In outside markets, equity futures were drifting lower into the opening bell while crude oil was in positive territory.

Weekend showers in the Eastern Cornbelt and Mid-Atlantic slowed fieldwork, but drier next 10 days should help move along the harvest pace. Rains are expected to start Tuesday and persist for several days in the Western Cornbelt.

The European Commission on Monday cut its estimate of usable maize production in the European Union this season to 59.7 million tonnes from 62.5 million seen a month ago. The revised forecast for the ongoing maize harvest was still above 58.0 million tonnes produced in last year's drought-hit harvest, data published by the Commission showed. The EU's executive raised its estimate of 2016 usable soft wheat production 134.2 million tonnes from 133.3 million previously, although this remained well below a record 2015 crop of 151.6 million.

The USDA’s monthly report on oilseed crushings will likely show about 4.231 million short tons, or 141.0 million bushels of soybeans were processed in August. The range of analyst estimates was 140.0-141.9 MB The report will be released after the market close at 2 PM CDT.

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