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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn -6 ¼,  Soybeans -11 ½, Wheat -5 ¾, Crude +.60, gold +1.10, Dollar +.09, Dow futures +25.
  • Market down on overnight rains but forecast from here on out for the rest of the month is hot and dry for the Central U.S.
  • USDA report today is not expected to show a big change in the corn balance sheet, but may lower new crop yield by 1-2 bu/acre.
  • China came out with updated crop output forecasts by raising soybeans 2017/18 from 14.1 MMT to 14.73 MMT and corn from 211.7 MMT to 211.9 MMT.
  • Pakistan bought 180K MT of U.S./Brazil soybeans on Monday and another 65K MT today.
  • World cash markets are rallying sharply higher, with the U.S. wheat being the world’s most expensive at this time.
  • Tuesday funds bought 6,000 soybeans, 3,000 wheat, 3,000 oil. Sold 1,000 meal, 4,000 corn.
  • USDA Crop Production and Supply & Demand report today at 11am CDT.

Commodity Weather Group Forecast

 

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