Grains were struggling to hold on to modest gains going into the morning break. Outside markets saw crude oil and equities also try to recover from yesterday’s sharp sell-down.
NOPA soybean crush figures are due out later this morning and are expected to reach 136.2 million bushels for the month of August. That would be a record large figure for the month if realized. Estimates range 128 to 142 MB.
In weather news, the Midwest should see rains return tonight into the weekend before breaking early next week. The long-term forecast for 16-30 days shows a wet trend, potentially slowing the US harvest.
Export sales this morning were unimpressive with all three commodities coming in at the low end of expectations for the week.
WEEKLY EXPORT SALES
Actual Expected
Corn 724 800-1,100
Soybeans 1,012 900-1,200
Wheat 402 350-550
On Wednesday, EIA crude oil stocks were off for the week coming in 50,000 barrels below last week. Traders had expected a 3.8 million barrel build. However, gasoline stocks ballooned on the week helping push oil prices lower.
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