Morning Highlights


Highlights

  • Ag markets will be closed Sunday evening and Monday in observance of the Labor Day Holiday. Trade will resume Monday evening at 1900 hours.
  • The next USDA monthly S&D is scheduled for September 12th at 1100 hours.
  • The energy markets turned lower after yesterday’s strength with crude oil trading 77 cents lower at $55.94/barrel.
  • The US$ is slightly higher at 98.55, the gold market is down 3-4 bucks at $1,526/ounce and the CD# is up a freckle at 0.7529.
  • DJIA up 326 at 26362, S&P up 15 at 2942 and the NASDAQ was last at 7973.  

Corn

  • The corn market traded a couple cents higher overnight but is sitting 10-11 cents above contract lows in many months. Most months trading 1-2 cents higher.
  • There were 400 deliveries with last date assigned 6.27.19.
  • South Korea (KFA) bought 65k tonnes of optional origin corn for November shipment at $197.90 C&F.
  • Sri Lanka plans to import up to 70k optional origin corn because of their tight domestic supplies.
  • Spreads: U/Z 11 ½ carry, Z/H 12 carry, Z/N 26 carry, Z/Z 32 ¼ carry. 

Outlook:  slightly higher to mixed trade ahead of the long weekend and Trump’s ethanol announcement made yesterday 

Oilseeds

  • The soybean market saw a slight bounce overnight in modest volume. Position squaring ahead of month end and a long weekend.  Most months trading 6-7 cents higher.
  • There was some chatter yesterday about US/Chinese meetings taking place in September, with the idea that it can be done in a calm type manner.
  • Deliveries: 866 beans with last date assigned 8.28.19, 611 meal same date, 58 oil with last date assigned 8.2.19.
  • November palm oil closed up 13 at 2,234 ringgit. China beans were up 2 1/4 cents and meal was down 5 bucks.
  • Spreads: U/X 12 ¾ carry, X/F 13 ¼ carry, F/K 23 ¼ carry, X/N 47 carry. 

Outlook:   slightly higher trade    

Wheat

  • The wheat market was mixed overnight with Mpls eeking out 1 ½ cents in positive territory.  KC is down a freckle and Chicago is down 5-7 cents.
  • There were 666 deliveries in Mpls with last date assigned 8.29.19, 1,000 deliveries in K with last date assigned 7.31.19 and 444 in Chicago with last date assigned 444 with last date assigned 7.16.19.
  • Spring wheat harvest is back in action across ND and MT.  Parts of northwestern MN is still waiting for drier fields.
  • Spreads: Mpls U/Z 22 carry, Kansas City U/Z 15 ¼ carry, Chicago U/Z 9 ¼ carry. 

Outlook: steady to lower trade on plentiful supplies, and harvest activity