The grains are basically just stuck on the low side of even and stuck on the technical charts this morning, with outside markets having reversed course a bit; by far the most anticipated events today are the holiday-delayed export sales report at 7:30 AM and Egypt’s wheat tender after that. The trade is looking for fairly solid corn export sales numbers this morning and hoping for some decent bean sales to follow up Monday’s surprising inspections number, trying to regain some momentum in the bean export arena.
The U.S. remains a non-factor in Egypt’s wheat importing (and the world export market in general) but the trade will at least be amused to see what the country does this time around, after multiple wheat shipment rejections and failed tenders, with offers declining in recent tenders as suppliers remain weary.
The latest brick in the bearish fundamental wall is a set of extended NWS forecasts that look very favorable for the U.S. planting season – warm and dry for most key areas for March-April-May. Range-bound grain trade has been the norm since mid-Jan and there’s little expected to change that as we coast into the end of the week. Good luck!
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