Grains Lower in the Overnight with Soybeans Giving Up 3 Cents

Grains were lower overnight with soybeans giving up 3 cents after yesterday’s sharp 16 cent rally. Corn was also lower while wheat was unchanged going into the morning break.

EXPORTERS SELL 132,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO CHINA DURING THE 2017/2018 MARKETING YEAR- USDA

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India's edible oil imports are likely to rise 1.6 percent from a year ago to 15.5 million tonnes in 2017/18 as overseas purchases of palm oil are expected to rise, a leading industry analyst Dorab Mistry said on Friday.
The world's biggest edible oil importer is likely to import 3.5 percent more of palm oil from a year ago in the marketing year starting Nov. 1, pushing up its overseas purchases to 9.65 million tonnes, Mistry told Globoil India conference in Mumbai.

Friday at 11 am CST NOPA crush estimates will be released. Traders look for the best August crush number in over a decade with 137.5 MB expected. That compares to 131.8 in August of 2016. Crush forecasts ranged from 133.1 to 144.7

Over the next few weeks US weather seems mostly benign as some rains in WCB may slow harvest but help aid soil moisture for winter wheat planting. Meteorologists see no real threat of an early freeze that would impact late season crop development.

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—Kevin McNew