Good morning friends
Corn 347’2 +1’4
Soybeans 989’6 +’4
Chi Wheat 415’6 -2’0
KC Wheat 414’2 -1’2
Cotton 69.05 +.46
My apologies for the brevity of the report today. Other than the birth of my two children, I have never been this emotionally drained. My like Aroldis Chapman, I’m running on fumes.
There is a lack of grain news in the overnight but the big story will be Egypt allowing their currency to free float. ON the announcement last night the Egyptian pound went from 8:1 to 14:1. ON face value this is bearish wheat as Egypt, one of the largest wheat buyers in the world, will have to pay up even more to get USD to enter our market. The reason why this really does not matter is because Egypt has bought US wheat in a long while. Regardless, it may knee jerk prices lower in the short run.
USDA exports came out this morning, here is the takeaway for commitments and then shipments:
Corn: Bullish/Bearish
Soybeans: Bullish/Bullish
Wheat: Bearish/Bearish
Cotton: Neutrral/Neutral
Thats all I got, my apologies. Ill be back tomorrow.
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