Grains were weaker to start the day as outside markets for equities and oil were lower on thoughts that the Fed might raise interest rates next week.
Yesterday, NOPA soybean crush figures were a disappointing 131.8 MB for the month of August. That compared to an average analyst estimate of 136.2 MB and an August of 2015 crush of 135 MB.
In overnight news, global wheat sellers sat on their hands for the latest round of Egyptian wheat tenders. Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), did not get any offers from global wheat suppliers at its purchase tender on Friday on the back of continuing worries over the country's ergot fungus policy, Cairo-based traders said.
In weather news, overnight rains in the Western Cornbelt with heavier rains near Nebraska/Iowa & Iowa/South Dakota borders will slow harvest there. Rain is expected to head east next 2 days and favor OH/IN. Next week should be more favorable for dry conditions and harvest progress.
This morning fresh inflation data in the US showed consumer prices were rising faster than expected. That put Fed watchers on alert for a potential interest rate hike at the Fed meeting Sep 20-21. The US dollar index is up 0.5% while crude oil and equities are lower. The Baker Hughes rig count later today should provide more guidance for crude oil .US rig count numbers have been increasing steadily since the end of May.
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