Corn, soybean, and wheat futures all traded both sides of unchanged today, with corn and soys closing lower, and wheat slightly higher. Wheat found support from Russia's cold dry weather forecast. Fund traders continue to balance positions ahead of tomorrow's USDA supply and demand report. Tomorrow's report will be the first time we see the US 2024 crop balance sheets. No doubt it will show large carryout for corn and soybeans, not much of a bullish report, the question will be how the market reacts, specifically fund managers. US weekly export sales were within trade expectations, old crop corn at 35 mil bu, soybeans 15.7, and wheat at 1.5 mil bu. A flash corn export sale was reported this morning to Mexico, 60,960mt of old crop, and 71,120 for 2024 crop. The USDA report will be released at noon eastern tomorrow. |