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USDA Quarterly Grain Stocks Report to be Released Today at 11 CDT

Grains Start the Day on the Downside

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Grains moved to the downside to start the day as traders await fresh news from USDA’s quarterly grain stocks report this morning. In outside markets, crude oil slipped slightly taking a breather from the $3 a barrel rally in recent days while the US dollar surged.

China announced they will approve corn export permits for two state-owned companies. China’s corn exports would be a first in a decade as the government looks to reduce massive stockpiles.

Ukraine's agriculture ministry and traders have agreed to export 16.5 million tonnes of wheat in the 2016-17 July-June season, news agency Unian quoted the agriculture minister as saying on Friday. The exports break down as 60 percent food wheat and 40 percent feed wheat, Unian said.
Ukraine and grain traders sign a memorandum each year in which the government promises to impose no restrictions on an agreed volume of grain and keep the export rules unchanged.

USDA’s quarterly stocks report is expected to show 1,754 MB of corn, 201 MB of soybeans and 2,397 MB of wheat on hand as of Sept 1. The report will be released at 11 am CDT. Also, USDA will have a wheat production estimate, which traders expect to show 2,323 MB of wheat produced in 2016.

This morning more economic data showed consumer spending and consumption in the US to be weaker than expected for the month of August. This helped deflate the US dollar off its overnight highs heading into the morning trade session.

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