Grain markets drifted lower overnight as traders await news from USDA at 11 am CDT this morning about the size of the corn and soybean crop.
Traders are looking for big bumps in the yield and production forecasts relative to USDA’s numbers in July. For corn, traders expect a 170.6 corn yield and a production forecast of 14.76 billion bushels. This would be up from the July forecast of 168.0 and 14.54, respectively. For soybeans, July’s estimates by USDA were 46.7 for yield and 3.88 for production. Traders expect those numbers to grow to 47.5 and 3.94, respectively.
In overnight news, the Taiwan Flour Millers' Association purchased 85,250 tonnes of milling wheat to be sourced from the United States in a tender which closed on Thursday, European traders said on Friday. The wheat was bought for September/October shipment in two consignments comprising different wheat types, they said.
USDA reported a sale of 258,000 MT of soybeans to China.
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