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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn – ¾,  Soybeans -1, Wheat –2 ½, Crude +.15, Gold -4.50, Dollar +.20, Dow futures +74.
  • China reported that their soyoil inventories are at a record level of 1.6 MMT compared to 1.3 MMT last year. Demand for oil is struggling to keep pace with large soybean imports and crushing rates, with the high demand for livestock feed.
  • Overnight South Korea bought 65K MT of corn of optional origin while Algeria purchased 660K MT of milling wheat.
  • Related to ethanol, EPA Head Pruitt seems to be backing off of proposed changes to the RFS that would lower usage mandates, as corn state lawmakers met with him yesterday.
  • EIA Energy Stocks weekly report will be released this morning.
  • Cattle on Feed estimates for this Friday: On Feed 104.6%, Placed 108%, Marketed 102.6%.
  • Wednesday funds sold 2,000 corn, 4,000 soybeans, 2,000 wheat, 2,000 meal. Bought 1,000 oil. Funds appear hesitant to over-commit with harvest reaching the halfway point.

Commodity Weather Group Forecast

 

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