- The weather forecast for the next ten days has some rain but with below normal temps.
- Amazon, Apple, Facebook, and Google all reported quarterly earnings that beat expectations.
- China’s manufacturing index expanded for the 5th straight month and suggests that Chinese factories are returning to pre-covid levels.
- The crude oil market is stronger with crude up 32 cents at 40.24/barrel.
- US$ is down .036 at 92.985 and gold is up $24 at 1966.
- The overnight trade has futures a few ticks on the plus side heading into the morning break.
- The flash corn sales of 1.937 million tonnes to China reported yesterday was the biggest ever. It surpasses the old record set just 2 weeks ago.
- The corn market will post a monthly loss for the first time in 3 months.
- Spreads: U/Z 11 carry, Z/H 11.50 carry, Z/N 25.50 carry, Z/Z 36 carry.
Outlook: The corn markets are hovering around unchanged again. Corn needs to see export activity to take the lead on its own or else it will just follow beans and wheat.
- The bean market continues to good strength with futures up 4 cents this morning.
- There were zero soybean deliveries but there were 24 contract of meal and 412 contracts of oil deliveries.
- Yesterday’s Export sales for new crop beans were gigantic at 3,344,200 and that total was the highest in more than 8 years. The huge number has lifted the bean complex yesterday and today.
- US crush is expected to drop for a third straight month according to analyst polled ahead of the USDA monthly crush report.
- Spreads: X/F 5.75 carry, X/H 3.75 carry, X/N 13 carry, X/X 5.5 carry.
Outlook: Beans continue to rally on yesterday’s huge export sales total.
- The wheat market is higher with futures up 3 cents overnight.
- Rains in the central plains is slowing the last of the winter wheat harvest.
- Argentina’s wheat crop is 96% planted but they have had frost recently so that has added some worry about crop growth.
- The French soft wheat crop is 90% harvested now, although conditions are way below last year.
- Spreads: Mpls U/Z 13 carry and Kansas City U/Z 10.5 carry.
Outlook: The wheat markets are slightly high but December futures still remain rangebound between 530 and 540.