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USDA Report Today's report is scheduled to be released at 11:00 AM CT. Below are the estimates Ukraine Advances It's being reported that the Ukranian military has recaptured roughly 3,000 square kilometers of territory that was being occupied by Russia. That is roughly 740,000 acres. US Dollar & Data The US Dollar has retreated to trendline support (see chart below). There is a lot of inflation related data this week and a fed meeting next week that could have big implications for the currency and thus commodities such as grains.

 

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Corn

December corn futures have been choppy since the Sunday night open as the market braces for today's USDA report. The market remains entrapped by the support and resistance levels, which keeps them unchanged into this week's trade. A breakout and close above 687 could open the door for a bigger directional move out above the $7.00 handle. A failure could take us back to the low end of the recent range, 647-650ish.

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Soybeans

Soybean futures are continuing to consolidate, trading right near the middle of the range from the beginning of August. We are still a little more concerned about the downside potential, with the gap near 1350 from July 26th still being open. For this reason, our bias is still in bearish territory. A close above the top end of our pivot pocket would neutralize our bias.

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Wheat

Chicago wheat futures broke out above the top end of the multi-month range on Friday, but so far, the follow through or lack thereof is a disappointment to the Bull camp. Previous resistance is now support that comes in from 839-849.

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Grains Soybeans Corn Wheat

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