
Grains are set up for a firmer start to follow up on a strong close from Friday. The forecast remains mostly dry for the Midwest this week, but the determining influence for the market will be by what degree storms in the South possibly poke up into Illinois/Indiana/Ohio. In the Headlines The new week kicks off with an OPEC meeting, where members of the cartel will decide on possibly making another oil production cut in addition to the 2 million barrel per day reduction that has been in place since last fall. WTI crude oil futures spent a couple of days trading below $70 last week before rebounding following news of a debt deal and after Friday morning’s strong jobs report. Export sales were a mixed bag last week, including the lowest total of the marketing year for wheat, but some signs of strength for corn and soy demand. For wheat, prior export commitments are being cleaned up and cancelled or switched if they could not be priced before the end of the marketing year (May 31st). Old-crop corn sales were only about half of the weekly pace needed to meet the USDA’s target, but they were positive for the…