Corn: penny higher
Beans: 2 cents lower
Grains trading mixed to start the week as the forecast shows warm temps and adequate precipitation going into the last part of September. The biggest news in the headlines this morning is the weekend hit on crude oil after a drone strike on the largest Saudi Arabia oil facility. The explosion knocked out an estimated 5 million barrels/day of production and it remains unclear how long the repairs will take. Crude oil currently trading +$5. In other news, we will see the August NOPA crush report today; traders looking for a good crush number for the month. USDA confirmed last week’s rumored China purchases were true with 7 million+ soy bushels sold.
Today we will also see the crop progress report at 3pm. This is the first report that will contain corn harvest percentages. So far early yields from the southern US have been disappointing.
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