Overnight volume picked up solidly post-report, with nothing but positivity since for corn; forecasts look good for dry-down and harvest should get fired up nicely, but early yield reports continue to raise questions...
Bangladesh cancelled multiple tenders for 50k tonnes of wheat due to quality issues; some earlier imports from Brazil were alleged to be below standard.
Kazakhstan cut their 2015/16 grain export estimate from 8 to 7 MMT, still up from 6.444 MMT in '14/15, and despite a higher quality harvest in 2015.
Brazil's Conab raised their 2014/15 corn production estimate from 84.3 to 84.7 million tonnes Friday, with soybeans steady at 96.2 MMT.
Friday afternoon's Disaggregated CFTC Report showed managed money traders dropping just over 30k net corn on the week ending last Tuesday (9/8); compared to daily trade estimates looking for just a 4k net loss. Chicago wheat also dumped just over 20k net contracts in that category, against estimates for just an 8k net loss on the week. Managed money net sales were smaller across the rest of the complex. Producers and merchants subsequently added 36k net corn and 17.9k net Chi wheat on the week ending 9/8/15.
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