• Reversal day today with profit taking underway in the lead up to tomorrow’s WASDE report.  The story has been all about Russian and US wheat plantings, but today the realisation was that those crops are 9 months from being harvested.  It was a volatile day, with a >20c/bu range on wheat before closing near the lows.
• Beans also fell 20c/bu from the highs, but finished unchanged on the day after early support came in the market from export sales that were higher than expectations at 2.59 million tonnes (Mt) versus 1.2-2.2Mt, with China taking 1.54Mt of that and the Chinese buying another 374,000t today.
• Wheat export sales reported came in at 530,000t for the week ending October 1st, with nothing significant for China reported.  Sales were in line with expectations, as were net corn sales at 1.225Mt.
• Tomorrow’s WASDE report has traders looking for a fall in grain production.  The market is looking for a corn yield of 177.6bu/ac and beans at 51.7bu/ac, both down from last month’s projections.
• Corn stocks are expected to be 2.12bbu (1.882-2.333 range) versus 2.5bbu in Sep.
• Bean stocks at 360mbu (285-436mbu range) and 460mbu in Sep.
• Wheat stocks at 889mbu (835-919 range) and 925mbu in Sep.
• The US Vice Presidential debate took place yesterday and was a far more respectable showdown compared with the recent president’s “debate”.  Not a lot of excitement or direction to take out of it all the same.
• Uncertainty remains around more stimulus in the US with the Democrats saying no deal to an airline bailout unless the Republicans step up with a higher stimulus offering overall.

Australia