Morning Highlights with Exports
10/3/2019 7:37:19 AM
- In weather, there is a forecast calling for frost by October 11Th for MN, IA, WI. Rain is expected to move through much of the corn belt from Kansas City to Chicago over the next 3 days. Much of Brazil is expected to receive 0.5 to an inch of rain in the next 5 days. Rain is forecast for Southern Brazil and Argentina 6 to 10 days out.
- Ten-year US T-bills dipped to a 3-week low as the markets wait for the US jobs report due out tomorrow morning.
- China remains on holiday, marking 70 years of communist rule.
- Outside markets as of 6:33 am CDT: The Dollar is down 50 at 99.969, crude oil is up $0.08 at $52.72, the Dow Jones is up 29.53 at 26,078.04 and is gold up $2.50 at $1,503.55. The Nikkei was off 436.87 points at 21,341.00, the FTSE is off 37.82 points at 7,084.72, the DAX is down 0.95 %, and the CAC is down 1.3 %.
Outlook: Soybeans steady to 2 cents lower on profit taking.
- The wheat complex was lower overnight on technical selling. In the past week December 19 Mpls Spring wheat has lost 34 cents from its high.
- Export sales for wheat were 328.5 tmt. That’s in the range of 200-600 tmt.
- GASC bought one cargo of French wheat. Export shipments from French ports for the week ending October 2nd were down 23%.
- Paris milling wheat was steady at 174.50 euros.
- Syria tendered for 150 tmt of milling wheat from Russia.
- ONICL, (Morocco’s grain buying agency) bought 576 tmt of soft wheat from the EU. They also bought 5.0 tmt of durum from the EU.
Outlook: Chicago steady to 2 cents lower, KC wheat 2 to 4 cents lower, and Mpls 3 to 5 cents lower on technical selling