Grain markets were subdued overnight as soybeans and wheat were modestly higher while corn was lower in quiet trade. Outside markets saw the US dollar and treasuries higher while stock futures took a breather from their highest price in nearly two months.
Yesterday’s trade in grain was mostly negative as weaker than expected NOPA soy crush and a lack of export news kept markets favoring the downside. Egypt announced the results of their wheat tender in yesterday’s trade, with the U.S. again being shut out of any of the business and Russia and Romania garnering the trade.
This morning there was however a bright spot for soybeans as USDA announced China bought 270,000 MT of soybeans from the US. That makes the 3rtd announcement this week of daily business exceeding 200,000 MT.
Weekly export sales announced this morning were generally neutral as actual export sales were at or slightly above trade expectations, in the case of wheat.
WEEKLY EXPORT SALES (in thousand metric tons)
Actual Expected
Corn 598 450-650
Soybeans 1,476 1,000-1,500
Wheat 460 250-450
US stock index futures are a bit lower in the night session following Thursday’s advance in stocks by about 1 percent. Earnings data and US manufacturing data is set to be released this morning. U.S. industrial production in September, due at 9:15 a.m. EDT is expected to have shrunk 0.2 percent, after falling 0.4 percent in August.
Crude oil prices attempted to recover some of Thursday’s losses overnight following a report on Thursday showing US commercial crude stockpiles increased last week. US inventories jumped by 7.6 million barrels in the week ending October 9, nearly three times as much as experts had predicted.
