Good morning friends!
Corn 356’2 -1’2
Soybeans 1024’6 -‘6
Chi Wheat 413’4 -1’0
KC Wheat 415’6 -1’4
Cotton 69.57 -.19
Overnight session was boring with little change in price action other than a reversal in bean oil/meal price action from yesterday. Malaysian palm oil was up slightly and China’s Dalian futures barely weaker. The US dollar is slightly lower, but so are crude and equity futures. EU milling wheat is up €.25/MT, with the Dec contract trading a highs not seen for some time.. It has been a positive week for corn, beans, wheat and cotton. Jan soybeans look to close positive for the 5th straight week if they can avoid a disaster today.
COT reports will be out after the close, Ill be back this afternoon to update you on all of that. Other than that, its probably weather watching for today that gets you through the day. The models are showing a drier pattern in Argentina through the next 10 days. Temps will also warm as spring there progresses, with highs next week ranging in the 70s and 80s. Think March-April in the southland of the US for comparisons. Normal tropical shower activity continues in Central and Northern Brazil through the foreseeable future, and a steady build in soil moisture lies ahead. There’s debate over wheat quality in N Argentina and S Brazil following heavy rain so far in October
US Weather is near ideal going forward for finishing harvest up North, but there is a potential dry spot popping out on the drought monitor out in Western Kansas. July wheat is pretty attractive at these levels in my opinion as is getting some sales started for 2017 soybeans.
Sorry, no audio this morning. Ill be back this afternoon with more. There just isn’t much to talk about this morning!
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