- We have Chicago grains, corn and wheat, trading a touch lower into the close tonight whilst soybeans are in positive territory (just). The market is lacking any follow through direction and a note of frustration could well emerge as a consequence. Funds are reported to be unwinding corn/soybean and wheat/soybean spreads.
- Thursday will see the release of NOPA’s September crush data, and the market is expecting a record or near record rate, which will be supportive if the data comes in at expected levels.
- Other news is very limited and focus is, or will be, coming back to demand levels, which are low and with holidays in Brazil, US and Canada this is unlikely to change in the immediate short term.
- A rangebound soybean complex and further weakness in the grains is our current view.