This morning the grains are mixed with corn up ¾ of a penny, soybeans down ¾ of a penny and wheat trading higher in the overnight session, up 4 ¼ in the overnight session. The U.S Dollar is trading slightly lower this morning, taking some of the pressure off the grain market.
Crop progress and conditions will be released at 3:00 pm central time following the market close. Conditions are expected to remain unchanged for corn and soybeans. Harvest pace should be near 10% for soybeans and approaching 20% for corn.
September 1st quarterly grain stocks will be released tomorrow at 11:00 AM central time. This will have important implications for 2013/14 balance sheet as it indicates how much corn and soybeans remained in stocks at the end of the old crop marketing year. In a poll released by Reuters, traders expect the USDA to report September 1st corn stocks at 1.185 billion bushels and soybean stocks at just 126 million.
Precipitation over the weekend helped out soil moisture in the northern plains. The weather this week should be, for the most part mild with some rains expected throughout the Midwest in the second half. Corn and soybean harvest should pick up its pace this week with some disruption as precipitation starts in the western grain belt and moves its way east. A freeze is expected in the 11-15 day forecast according to the latest weather models, but there are no real expectations for significant damage.