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Grains Lower Overnight as Traders Await USDA

Oil falls for a 2nd trading day in a row.

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Grains were lower overnight as traders wait for USDA’s report later this morning for further direction. In outside markets, crude oil and equities were sharply lower.

Today’s USDA report is expected to show a decline in US corn production and an increase in soybeans relative to USDA’s report in August. Average analyst estimates call for a 173.4 bushel corn yield producing a 15.03 billion bushel crop. That is off from August’s estimates of 175.1 and 15.13, respectively

Meanwhile, good growing conditions in August have traders expecting a tick up in soybean production and yields. The August forecast by USDA was a 4.06 billion bushel crop on a 48.9 bushel per acre yield. Analysts are looking for today’s numbers to be 4.09 billion and 49.2 bushels per acre.

Taiwan's MFIG purchasing group has issued an international tender to buy 40,000 to 65,000 MT of corn which can be sourced from the United States or Brazil.

Oil fell for a second trading day in a row on Monday, after speculators cut their bullish bets by the most in three months last week and U.S. crude drillers added more rigs for a tenth week running. Adding to the pressure on the oil price, the dollar rose against most emerging-market currencies, as traders look for a greater chance of U.S. interest rates rising next week, which forced up bond yields and dented the broader commodities complex.

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