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Morning Outlook

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Overnight Highlights

  • Overnight markets have corn –1 ½,  soybeans -5 ¾, wheat -1 ¼, crude oil +.03, dollar -.40, gold +5.90 and the Dow -33.
  • Money coming into the markets is being offset by good South American weather, Brazil’s soybean harvest moving at a good clip with very good yields, and overbought markets.
  • Traders reported that China sold 25K-50K MT of corn to Japan – this is the first corn sale in 10 years from China to Japan.
  • The EIA weekly ethanol report showed production at 1.04 million barrels per day, off 15,000 from last week.  Ethanol stocks were up 415K barrels from last week at 22.5 million barrels.
  • NOPA January crush was reported by the USDA at 160.6 million bushels vs. estimates of 159.1.  Soybean stocks came in over projections at 1.629 billion lbs. vs 1.510.
  • Wednesday bought 11,000 corn, 11,000 soybeans, 4,000 wheat, 5,000 meal. Sold 4,000 oil.

Commodity Weather Group Forecast

 

 

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