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Happy Remembrance Day, Lest we Forget. The Weekly Grain Export Inspections and Crop Progress reports are delayed until tomorrow due to the Federal US holiday.
Despite it being a bank holiday, markets were open today (albeit volumes were down) and were lower from the get-go on heavy rains that fell in the wheat growing areas of the US. This will improve winter wheat conditions as many of these locations were listed as Abnormally Dry to Moderate Drought on the November 5 edition of the drought monitor.
Additionally, Russian wheat exports remain solid while at the same time their export prices slip lower (more competitive vs. US).
Brazil soybean planting moves solidly ahead of average with the South American forecast looking favourable.
The strong dollar index is creating headwinds for the commodities as a strong dollar makes U.S. exports more expensive to the global market. The U.S. Dollar has rallied since Trump was elected last week. The market expects economic growth with the risk of inflation during the second Trump administration.
With all but the final revisions coming to the Trade in January after Fridays uneventful USDA report, the USDA has placed a robust but not burdensome carryout/use ratio before us.
Funds were thought to have been all sellers.
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