Grains dominated by fundamentals

Forget macro risks for at least a day. The WASDE report was released and it shows lower inventory and lower ending stocks for corn, wheat and soybeans. Surprisingly, exports were also down. Exports will decline on higher prices but that should have allowed for higher inventory. This is the report that was expected at the end of June. The corn crop was reduced by 5.6% and the soybean is expected to fall 8.2%. Weather has reduced crop estimates and expectations are that the amount harvested will also be lowered.

This will be limit up day.