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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn – ½, soybeans -6, wheat -2 ½, crude oil -.27, dollar -.04, gold -3.40 and the Dow +24.
  • Focus will soon shift to the USDA Outlook Forum on Feb. 23rd, where the topic of discussion will center around corn vs. soybean acres to be planted this season.
  • AgRural of Brazil is projecting their soybean harvest at 19% complete vs. 10% last week.  They were sitting at 16% at this time last year, and the average harvest of this date is 12%.
  • Mato Grosso, Brazil, is considerably ahead of schedule on their soybean harvest which is estimated at 46% complete, vs. the average of 25%. 
  • Chinese orders of Brazilian soybeans were very strong last week, estimated at 20-25 cargos.
  • Friday funds bought 12,000 corn, 7,000 soybeans, 8,000 wheat, 3,000 meal, 2,000 oil.

Commodity Weather Group Forecast

 

 

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