There has been no trade since Wednesday so who knows what we could open up to at 8:30 this morning. During our overnight Euro wheat futures have fallen 4, corn down 2. Meanwhile in China their beans are down 22, corn up 25 and meal up 20. The Chinese currency continues to fall against the US Dollar. In the overnight here, the DOW is down 8, the dollar up 30 and crude down 80 cents. This is not an ideal way to start off our short trading day. In the weather world, the Southern US still in line to receive rains over the next 15 days, while Brazil and Argentina are also receiving wide coverage rains.
Russia had ordered retaliatory sanctions on Turkey, including some food imports, but for now they hope Turkey will keep taking their wheat. Brazil has record ever corn exports at 5.5 mmt for October, taking US business. EPA expected to announce new biofuels mandates today. Unchanged 2016 would be 14 billion gallons and 2017 would be 15 billion. The proposal in May was 17.4 billion gallons by 2017. Export sales out this morning.
Trade today has the potential to be very choppy with some positive and negative news to trade, position squaring before first notice day and the couple of number we will see both in exports and biofuels.
Top Trending Reads:
