Grain markets opened lower this morning with corn down 6 and soybeans down 2.
Harvest pressure and a strong US dollar are keeping things steady to lower following last weeks USDA report. While this years US crop may not be as big as many were hoping for, the US export business continues to lag.
The weather in Brazil and Argentina is wet in Brazil and turning that way in Argentina. US corn is 1 dollar higher than Brazilian making it the most overpriced corn in the World. Supplies are short in the US, but the harvest is coming in and yields have been highly variable. It looks like we are caught in a range for the foreseeable futures with the Funds already long a lot of corn.
Ukrainian President Zelensky yesterday said exports following the grain export agreement have totaled around 8 MMT, aboard 300 ships. Exports over the first 17 days of October were 2.12 MMT, down only slightly from 2.17 MMT last year. Cumulative exports since July 1 stand at 10.8 MMT, versus 16.5 MMT last year, including 3.99 MMT of wheat and 5.88 MMT corn.
Russia has intensified military assault over the weekend releasing drones. The efforts were aimed at food storage facilities. This has the wheat market up this morning.
Have a Safe Day!