By Kirk Maltais
--Soybeans for November delivery rose 0.4% to $9.23 3/4 a bushel on the Chicago Board of Trade on Wednesday, as traders expect crop losses once a snowstorm hits the immature plants in the Northern Plains.
--Wheat for December delivery was unchanged at $5.00 1/4 a bushel.
--Corn for December delivery fell 0.4% to $3.94 1/4 a bushel.
Deep Freeze: Although forecasts have moderated the amount of snow expected to drop on the Dakotas this week, big crop losses are still expected due to the cold weather. The snowstorm is likely to have the strongest effect on the soybean crop, said Tomm Pfitzenmaier of Summit Commodity Brokerage. Only 8% of North Dakota soybeans and 5% of South Dakota soybeans have been harvested this year, well behind the five-year averages of 48% and 36%, respectively, according to USDA data.
Sprouting Optimism: A Financial Times report that China has offered to buy more U.S. agricultural products in an effort to ease trade talks had some traders feeling bullish. The talks resume Thursday, but few believe the two nations will agree to a comprehensive trade accord this week.
Bring on the Biofuel: Inventories of ethanol barrels fell by a record 1.995 million barrels last week, according to data from the EIA. Ethanol inventories totaled 21.22 million barrels, a level last seen in September 2017. The drop preceded the Trump administration's plan to boost biofuel demand, which was announced Friday.
Eyes on D.C.: The resumption of high-level trade talks between the U.S. and China, as well as the USDA's WASDE report at noon, makes Thursday a potentially big day for grain market moves. Analysts surveyed by The Wall Street Journal expect the USDA to cut its forecasts for U.S. corn and soybeans.
--The USDA will release its latest weekly export sales numbers at 8:30 a.m. EDT Thursday.
--The USDA will release its World Agricultural Supply and Demand Estimate report at noon Thursday.
--The CFTC will release its weekly commitment of traders data at 3:30 p.m. EDT Friday.
Write to Kirk Maltais at email@example.com
(END) Dow Jones Newswires
October 09, 2019 16:12 ET (20:12 GMT)
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