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On the Grains
Grains are weaker in overnight trade thus far, giving back some of Friday’s strong gains but still looking positive from a chart perspective. Trader reaction to Friday’s WASDE netted solid gains for corn and wheat but only modest gains for beans on the coattails. That stems mostly from USDA once again coming in with only a “token” reduction of 1 million tonnes for Brazil’s soybean crop to 154 MMT against an average trade estimate of 152.5 and private estimates down there still closer to 147. Tomorrow we’ll get the latest CONAB report (their USDA equivalent) and, if anything, that’s expected to be even lower due to disastrous flooding in southern Brazil.

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