- Chicago saw an uneventful trading session with corn, wheat and soybeans all closing higher. Soybeans have led the way higher on better than expected weekly exports and short covering ahead of Friday’s crop production and WASDE reports.
- Outside financial markets are a touch firmer with the US$ Index gaining on last week and crude oil showing signs of an upside breakout with $1 plus gains. Equities are also showing some strength, all of which is supporting the ags.
- Corn and soybean yield reports remain mixed with the far E cornbelt showing expected lower yield, accounted for in the latest NASS crop report, although yields pick up further west, particularly in soybeans. Data points to no worse than an unchanged position than was reported in the October crop report and a possibility that a 0.5-1 bushels/acre gain in overall US soybean yield could be seen.
- Elsewhere, Abiove sees the 2015/16 Brazilian soybean crop at 97.8 million mt with exports at 52.4 million mt, which compares with 94.8/52.8 year on year.
- Ikar estimates the 2015 Russian wheat crop at 103 million mt, down 1 million mt month on month with wheat output at 60 million mt, down 800,000 mt month on month.