Corn remains slightly lower to start the week. The November WASDE report is November 9th at 11:00am. Private estimates of corn and soybeans production are higher ahead of Wednesday’s report. Argentina corn planting progress is 23% complete vs. 39% last year because of a dry start to the growing season. Look for the rangebound trade to continue.
Soybeans were mixed overnight with support from strength in the meal and soy oil markets. Demand remains strong on news that China has agreed to contract to buy 10mmt of soybeans, additional details were not given. Look for mostly higher trade today as demand is good in the short term.
Spring wheat was lower once again last night and has basically erased and any recent price gains. The market continues to be fixated on headlines out of Russia/Ukraine. Russia is now allowing Ukraine to export but no talk of an extension. Look for mostly lower trade today as there seems to be very little supportive news this morning.
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