- Chicago has started the week lower on all fronts, corn, wheat and soybeans with wheat leading the way after fund short covering last week. Rain, which is forecast in E Europe and Black Sea regions in the 8-14 day outlook, will be much welcomed and has added to weaker tone (for now).
- Weekly US export inspections were “robust” in soybeans but elsewhere less than inspiring. The last week, ending Thursday, saw US exporters ship 18.8 million bu of corn (last week 16.3 million bu), 6.3 million bu of wheat (11.7 million bu last week) 94.1 million bu of soybeans (98 million bu last week). Soybean inspections were at the higher end of trader expectations whilst the grains were in line. The respective marketing year data shows 206 million bu of corn (down 24% year on year), 333 million bu of wheat (down 18% year on year) and 441 million bu of soybeans (up 9% year on year). Recent rainfall in the US Gulf is expected to slow exports, which will reflect in next week’s figures.
- Other news is thin on the ground and the trade awaits the 10 November USDA crop report, which is not expected (based upon history) to provide any significant or unexpected news.