Chicago Grains Overnight Trade

Posted by Nogger - a legend in his own mind at 13:39 | Categorized as

09/10/14 -- Chicago Market Report: There will be no Chicago grain market closing report tonight due to my attendance at the Hull Corn Trade Dinner. As I leave the office wheat is trading around 6-8 cents lower on the overnight Globex market, with corn 1-2 cents lower and beans 2-4 cents higher.

Wheat looks to be giving up some of it's recent gains heading into tomorrow's all important USDA report.

MDA CropCast today increased their forecast for Brazilian wheat production this year to a record 8.1 MMT, up from 7.8 MMT a week ago and versus 6.7 MMT last year. They left their Australian wheat production estimate unchanged at 24.04 MMT, although there are rumblings of lower forecasts elsewhere.

They also raised their US corn production estimate by 41 million bushels from a week ago to 14.547 billion bushels, or 369.5 MMT - an increase of more than 6% on last year.

They upped their US soybean forecast by 31 million bushels to 3.850 billion, or 104.79 MMT - a more than 20% hike compared to last year.

In addition to that, they raised their estimate for the hitherto unplanted new Argentine soybean crop by 1 MMT to a new record 56.65 MMT, which is more than 4% up versus 2013/14. For Brazil they were unchanged at 93.95 MMT, also a record and a more than 7% rise compared to 2013/14.