09/01/23 Grains Steady to Firm as Traders Position for 3-Day Weekend

NEW FEED RECCO FOR CORN DAY 2: Past advice had you covered on 50% of corn needs through yearend. Hedge the remaining half on this latest break in futures.   On the Grains: Markets are steady to firm in overnight trade as we go to press to start September. Ahead of a 3-day weekend today’s trade will be influenced by traders positioning for what might unfold. Those heavily short are more likely to be nervous about a hot, dry forecast than those who are long. The latest Drought Monitor out yesterday showed drought conditions have only intensified in parts of Iowa, Minnesota, Wisconsin, and Illinois. (Even CoBank Research was out yesterday with a report warning of likely further declines for soybean yields.)   Yesterday’s trade started out with solid weekly export sales as rising prices for South American supplies are helping U.S. corn and beans become more competitive while drought worries return for Argentine wheat. At just under 992,000 tonnes corn exports were near the upper end of expectations that ranged from 400K to 1.1 million. Ditto for soybean sales. At 1.12 million tonnes they were well into the upper half of expectations from 600K to 1.4 million.   Wheat…