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Quiet Overnight Trade Session

Grains were quiet overnight with mixed trade ahead of the USDA crop report this morning at 11 am CDT.

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Grains were quiet overnight with mixed trade ahead of the USDA crop report this morning at 11 am CDT. Crude oil and S&P futures were up trying to get back some of yesterday’s steep losses.

Not much is expected out of the USDA report, with expectations for a modest bump in US corn and wheat carry-out due to slower than usual exports, and a potential uptick in world corn and bean carry-outs on improved production forecasts out of South America.

US Ending Stocks (in million bushels)

Expected Range USDA Feb

Corn 1,854 1,812-1,887 1,837

Soybeans 452 440-466 450

Wheat 975 951-991 966

World Stocks (in million metric tons)

Expected Range USDA Feb

Corn 209.1 207.2-210.0 208.8

Soybeans 80.9 80-80 80.4

Wheat 238.7 236-240 238.8

Yesterday saw steep losses in crude oil and after the close API showed another week of building crude stocks. API data showed a third week in a row of higher than expected crude stock inventories with this week coming in 4 million barrels more than last week, versus a forecast of only a 3 million barrel build. EIA will release their official estimates at 9:30 am CDT this morning with traders looking for a 3.86 million barrel build versus last week’s huge build of over 10 million barrels.

The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a dba of Foremost Trading LLC (NFA ID: 0307930)

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