Soybeans Trying to Erase Losses in the Week

Grains were mixed overnight with soybeans trying to erase part of the 30-cent losses in the week. Corn and wheat drifted lower.

Brazil analyst AgRural estimated Brazil's 2016/17 winter Corn crop at 59.9 MMT. versus last season's crop of 40.7 MMT. They estimated the total Brazil 2016/17 Corn crop at 88.3 MMT up from last seasons poor crop of 67.0 MMT. Meanwhile Rabobank commodity analysts are forecasting 16/17 Brazil first season corn crop at 28.0 mln mt and the second season 16/17 corn crop at 56 mln mt, with total 16/17 crop at 84.0 mln mt.

Overnight, the Taiwan Flour Millers' Association has purchased 93,125 tonnes of milling wheat to be sourced from the United States in an international tender which closed on Wednesday. Importers in the Philippines have issued an international tender to purchase about 25,000 tonnes of milling wheat to be sourced from Australia.

EIA crude oil inventories will be announced later this morning. Traders look for a 2.5 million barrel cut in stocks from last week. If realized, that will be the 5th week of inventory draws.

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—Kevin McNew