Good morning. Soybeans are pushing higher as we begin the day, supported by rumors of imminent Chinese purchases of U.S. beans and concern that the dry end to the growing season will reduce yields. The Dollar is lower this morning which is also mildly supportive. Corn and wheat are little changed on a lack of fresh news. Hurricane Irma’s projected path continues to shift to the east and it is now forecast to move up the eastern Florida coast on Sunday and make landfall over South Carolina Tuesday. This path will bring moderate rains to southern Illinois and Indiana as well as most of Ohio during the middle of next week. Traditional commodity funds have covered nearly all of their short soybean positions in recent days and are now estimated to be net short just 1000 contracts. They are estimated to currently be short 51,000 corn contracts and 62,000 Chicago wheat contracts. The weekly ethanol production and inventory numbers will be released by the EIA later this morning; the weekly export sales report is holiday delayed to tomorrow morning. Traders will be watching for more sales announcements by the USDA at 8 AM. Corn and wheat look like they will trade either side of yesterday’s closes while soybean price direction will likely be determined by fund buying, or lack thereof. Have a great Thursday!
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