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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ½,  Soybeans -1 ¾, Wheat –1 ½, Crude -.53, Gold -2.40, Dollar even, Dow futures -8.
  • Minneapolis was the strongest of the grains overnight, +4.
  • Saipol from France indicated it plans to reduce biodiesel production due to inexpensive imports from Argentina. Saipol will crush 1.0 MMT less oilseeds than last year.
  • Weekly export sales announced yesterday were not far off expectations. However, in comparison to last year, corn exports year-to-date are only 26% of the total USDA estimates compared to the five year average of 37%. Soybeans also are running behind at 38% of the total USDA estimate compared to the average of 54%.
  • Argentina’s corn planting is behind, at 17% complete vs. 27% last year. There is talk this may lead to switching to beans from early planted corn in some instances.
  • Thursday funds bought 3,000 corn, 9,000 soybeans, 5,000 meal. Sold 2,000 wheat, 3,000 oil.
  • Commitment of Traders report this afternoon.

Commodity Weather Group Forecast

 

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