1029 ET - The Brazilian election is heading into a runoff election for president later this month, and incumbent Luiz Inácio Lula da Silva is now expected to lose to challenger Flávio Bolsonaro, who finished first in the general Brazilian elections held Sunday. U.S. grain futures are getting support from the result, thanks to a stronger Brazilian real in anticipation of a conservative victory in Brazil. "The Brazilian real is expected to gain today, which will harm the profitability of Brazilian farmers," says AgResource in a note. The firm adds that a stronger currency "will slow future Brazilian farmland expansion." CBOT corn is up 0.1%, soybeans rise 0.6%, and wheat climbs 1.7%.
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