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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¼, Soybeans +2, Wheat +3, Crude +.73, Gold -6.40, Dollar +.42, Dow futures +13.
  • Wheat traded into new lows in the overnight session.
  • USDA G/E Wheat ratings: Kansas 11% vs 12% last week; Oklahoma 5% vs 7% last week; Texas 10% vs 13% last week
  • Corn planting progress: Texas 35% complete vs 26% average; Louisiana 8% complete vs 0% last week; Mississippi 6% complete vs 4% average; Arkansas 2% complete vs 1% average.
  • Japan’s usage of corn for animal feed was up 6.5% from last year.
  • AgResource crop acreage estimates: corn 89.00 million vs 90 million last year; soybeans 90.5 million vs 89.5 million last year; all wheat 46.6 million vs 46.06 last year; all acreage 338.7 million vs 334.7 last year.
  • Monday funds sold 25,000 corn, 16,000 soybeans, 13,000 wheat, 9,000 meal. Bought 2,000 oil.

Commodity Weather Group Forecast

 

 

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