Grain prices drifted lower to start the day while crude oil again fell sharply lower and stock futures were weaker in overnight trade.
Russia is set to become the world's second largest wheat exporter in the 2015/16 marketing year, eating into Canadian and the U.S. market share, owing to a weak rouble and a decline in supplies from its main rivals, the SovEcon consultancy said. Russian wheat exports are running at a historically record pace this season, which lasts until June 30, thanks to a large crop of 61 million tonnes in 2015 and the weaker rouble.
Yesterday, EIA crude oil inventories were shockingly higher for the week, gaining 9.1 million barrels versus trade estimates of only a 3.1 million barrel increase. That sent crude prices tumbling lower by $1.60 a barrel, and that selling continued into today with another $1 a barrel loss. The US dollar kept up its winning ways, seeing its advances hold up for 6 days in a row in weakness.
OC Actual OC Expected NC Actual NC Expected
Corn 803.2 900-1100 99.9 0-200
Soybeans 410.8 400-600 29.3 75-300
Wheat 368.9 150-350 118.8 75-250
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