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Morning Outlook

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Overnight Highlights

  • Overnight grain markets: Corn + ¼,  Soybeans +3 ¾, Wheat +2 ¼, Crude -.36, Gold -4.20, Dollar +.17, Dow futures +88.
  • In Argentina, growers are expecting to expand corn plantings again this year by 5.2% while soybean plantings are expected to decline by 7%.
  • It was reported by the BA Grain Exchange that Argentina’s corn planting progress is 27.7% complete, ahead of last year’s 22.7%.
  • China’s overnight auction produced sales of 1.95 MMT of corn of 3.77 MMT offered. There were no takers for soybeans out of the 84K MT offered.
  • China is planning to sharply increase ethanol output to 4-5 MMT per year over the next 3-5 years, compared to their current production of 2.5 MMT. This is a result of plans to blend more ethanol into the national fuel supply.
  • The French reported 56% of their corn is harvested, up 28% over last week.
  • Thursday funds bought 1,000 corn, 5,000 soybeans, 3,000 wheat.

Commodity Weather Group Forecast

 

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