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Morning Outlook

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Overnight Highlights

  • In overnight markets: corn -1 ¼, soybeans -1, wheat -5 ½, crude +.32, gold +6.30, Dollar index +.09, Dow futures -12.  
  • EIA Ethanol report was a bit disappointing, showing weekly production at 990K barrels/day off 12,000 barrels. Ethanol stocks were reported 22.2 million barrels off 262K barrels from last week.
  • USDA Export sales weekly report this morning at 9:30am CDT. Estimates: corn 550K-750K MT, new crop 100K-300K MT; soybeans 200K-400K MT, new crop 150K-350K MT; wheat 300K-500K MT.
  • Soybeans are receiving pressure from news from South America that the Chinese are taking more cargos from there than anticipated, an estimated 9-10 cargos instead of the assumed 1-2 cargos.
  • The Brazilian Real has continued to weaken, negatively affecting U.S. exports. The Brazilian government is attempting to intervene to keep it from devaluing too far.
  • Cattle on Feed report tomorrow at 2pm CDT.
  • Wednesday funds sold 9,000 soybeans, 6,000 corn, 6,000 wheat, 4,000 meal, 3,000 oil.

Commodity Weather Group Forecast

 

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