(AgWeb) – In the overnight session corn and soybeans traded higher with December corn up 1 cent and January soybeans up ¾ cents.
Wheat struggled yesterday to gain any traction as the grain traded through support set on August 29th at 4.22 ½.
Chicago wheat decisively broke and closed below support level and looks as if it will continue the downward push today. Ample stocks and record wheat export from Russia continues to pressure the market.
Today the USDA will release the Grain Crushings and Oilseed Crushings report at 2 PM CST.
According to a Reuters poll, analysts are expecting for the Oilseed report to show soybeans crushed in the month of September around 145.4 million bushels down from the 151.6 million bushels in August. The range of estimates stretched from 144.2 million to 147 million bushels.
Soy oil stocks are estimated at 1.664 billion pounds down from 1.81 billion pounds in the end of August.
The NOPA crush report which is released early on in the month showed disappointing crush numbers for the month of September. NOPA released that its members crushed 136.414 million bushels which missed expectations by nearly two million bushels.
This morning it was announced that China will increase state purchases of grains. The move is a result of heavy rains and high humidity impacting the rice, wheat and corn quality.
