Corn is up 6 and soybeans are up 16 overnight as traders continue to position ahead of Wednesdays WASDE report and on news out of the Ukraine.
Ukrainian forces destroyed the only bridge connecting the previously annexed Crimea with the Russian mainland which angered President Putin and renewed concerns that the war is only escalating. This puts Black Sea exports in jeopardy as a key UKR chess piece and subsequently has the trade on edge to open the week.
Ukraine reported that 20 ships carrying grain had left the ports of Odesa over the weekend, bringing the total to almost 300 since the start of the joint exporting agreement that was signed on July 22.
The USDA will release their October production report on Wednesday. Traders are expecting a downward revision which is supporting the markets near term.
Estimates for Wednesday’s report or listed below.
US Production (Billion Bushels/bushels per acre)
|Average Estimate||USDA September||USDA 2021|
US Carryout (Billion Bushels)
|Average Estimate||USDA September|
This afternoon’s harvest progress report should show good progress as weather was favorable for soybean and corn harvest across the Midwest. Temperatures will be warm early in the week before dropping to freeze levels again on Thursday night.
Have a Safe Day!