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Wait and see Monday, has turned into wait and see Tuesday.... depending on how close the election is.... we might see wait and see Wednesday too!! Until we know who the next President of the US is, markets are going to be rangebound. The President will impact exports, biofuel policy, subsidies, and more. Due to this, there is a general lack of interest by speculators to put on new positions.
Today the only flash sale was 120 tmt of corn to unknown destinations which fit in with “normal” activity.
USDA is expected to release its monthly WASDE crop report on Friday of this week, updating its balance sheets for domestic and global agricultural commodities. USDA will update its production estimates on Friday, but then leave those numbers in place until its final numbers are published in January, after it has pulled together the data from its December 1 quarterly stocks survey. Most of the focus beyond Friday will be on the demand side of the balance sheet, as impacted by South American production and on developments in China related to geopolitical risks. A bigger South American crop tends to suppress US demand estimates, while a smaller crop would support it. The anticipated delayed harvest of Brazil's crop that should lengthen our export window. China remains mysteriously slow in booking shipments for December and January though.
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