Rainfall materialised across the midwest and eastern areas of the northern plains over the weekend, weighing on Chicago. Models for the week ahead point to slight wetter weather in the southeast U.S. and slightly drier weather in the western Midwest. Weather for the week ahead in Europe points to moderate rains across Central Germany and eastern France. Eastern Europe also forecast for moderate rains. Temperatures slightly below normal for southeastern UK and France, with temperatures above average in eastern Europe. Rains are limited in southern Russia with moderate rainfall further north.
Fundamental headlines are fairly muted this morning with weather and dollar strenght the primary focuses moving into this week. Friday’s COT report release has been postponed until today due to a national holiday in the United States on Friday.
Chinese state-owned importers are reported to have purchased at least eight cargos of U.S. soybeans (480Kt approx), the largest purchase in four and a half months. South Korea also purchased 136Kt of corn on Friday, expected to be sourced from South America.
The U.S. dollar continues to push higher moving into the start of this week, with the index at 92.329, its highest level since early April. EUR @ 1.1871, GBP @ 1.3817, GBPEUR @ 1.1639.
We have Export Inspections today, Crop Conditions report, the EU Monthly MARS Bulletin & EU trade data.