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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans +4 ½, Wheat –1 ½, Crude +.58, Gold +9.30, Dollar -.24, Dow futures +38.
  • Brazil’s CONAB came out with their first forecast for 2017/18: corn production 92.2-93.6 MMT, soybean production106-108.2 MMT, with soybean acres increasing up to +2.7%.
  • French Farm Ministry upped their 2017 corn production to 13.0 MMT compared to 12.75 MT last month. Soft wheat production was also raised from 37.8 MMT to 37.9 MMT.
  • China is struggling to sell corn out of their state reserves as they again had no buyers for the latest auction.
  • Egypt is back in for more wheat – will this tender get more global participation besides Russia?
  • Monday funds sold 2,000 corn, 5,000 soybeans, 5,000 wheat, 2,000 meal. Bought 2,000 oil.
  • USDA Export Inspections at 10am and Crop Progress at 3pm CDT.

Commodity Weather Group Forecast

 

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