7:50 AM Market Direction:  Corn down 3, Beans down 5.  

Grains and oilseeds are mostly weaker to start Wednesday though modestly. Volume has been relatively light.  Keep an eye on the markets..if corn and beans close lower, it will be the third day in a row and the first occurence of three consecutive down market days simultaneous for corn and beans in nearly 3 months.  

SE Asia was active again in overnight tenders. MFG bought 69 kmt corn, Taiwan Flour Mills bought 91kmt wheat from the U.S. Pakistan received offers for their 300 kmt wheat tender with no results yet. Jordan postponed its tender for 120 kmt milling wheat. The SoKor corn business is expected to be SA origin again, like Monday’s tenders.

China’s August pork imports were 2x year ago levels. 

Perhaps not a big deal in the greater scheme of things but Export Sales/AMS shipment data shows the early pace of corn exports to Mexico at 15 mbu, down 9 mbu/38% vs LY and 23 mbu/60% below the 2018 pace. However, it Is early.  This could be attributed to additional SA origin purchases and/ or sticker shock due to high rail cars and a potentially back end loaded program.

The U.S. Midwest will remain mostly dry for much the week, which will continue to benefit corn and soybean harvest, as well as winter wheat planting. A system will move across the eastern half of the country over the weekend and may bring in some tropical moisture from Tropical Depression Beta. This would produce moderate to heavy rainfall east of the Mississippi River. Temperatures are forecast to above normal in most areas through Sunday.

Barge freight keeps jumping as well with low water levels an increasing concern. Barge freight increases are friendly PNW DVE.

Corn funds were sellers of an estimated 2 K yesterday. In soy, funds sold 3 K SB; 7 K BO; bot 4 SBM. Board crush: $0.93 (V/X), +5; LY, $0.77.

Look for another choppy day as the market hungers for new yield reports and Chinese updates.

Wednesday begins as third straight red day - sign?

Weekend weather above normal temps through Sunday.

Central IL harvest reports emerging.

Corn - $3.88 Spring    

Beans - $9.17 Spring