“All eyes will be in USDA report on Friday,” said Steve Freed of ADM Investor Services said this morning. USDA could leave soybean and wheat numbers unchanged. Still most feel USDA will have to raise China corn imports, U.S. exports and lower U.S. carryout,” said Freed who noted that grains are slightly higher on low volumes this morning.
Jacob Christy of The Andersons expects “a lot of price volatility” as old crop deals with the demand and new crop balance sheets will trade a lot on weather- good and bad, he said this morning.
The Federal Reserve will release minutes from their FOMC meeting today at 1 p.m. “Traders are not expecting a change in interest rates and will be watching for any comments regarding the bond market,” said Kevin Stockard of CHS Hedging.