Good morning friends!
Corn 340’4 (+’6)
Soybeans 952’4 (-4’2)
Chi Wheat 398’4 (+3’6)
KC Wheat 405’2 (+2’2)
Cotton 67.84 (+1.15)
MARKETS ARE OPEN TODAY! HAPPY THANKSGIVING TO OUR CANADIAN FOLLOWERS!
Overnight price action and news-flow were rather quiet. The market is preparing for WASDE on Wednesday at 11 am. All US government agencies are closed today, so we will get delayed data this week. Crop progress numbers will be released Tuesday and exports on Friday. Other than grain reports, we will get US FOMC minutes on Wednesday, Crude inventories on Thursday and a Janet Yellen speech on Friday.
The Central US weather forecast should be pretty good for harvest, most of the soaking rains appear to be staying well to the north across the most northern growing regions. The SW Plains will see .25-1.00” of rain later this week, but otherwise sunshine and warmer than normal temperatures look to move harvest ahead.
South American weather forecasts show rain for a parched Southern Brazil , while N Brazil should stay generally dry. Argentina will see showers mid to late week aiding the heading wheat crop, but slowing early summer row crop seeding. So far, the only weather story out of Brazil right now is dryness in N. Brazil if the South gets rain.
Have a great week!
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