MidCo Morning Comments

Good morning. Corn and soybean markets are little changed this morning as traders await tomorrow’s quarterly stocks report. Wheat has rallied modestly overnight on the recent upturn in export sales. The Dollar is weaker this morning which is also supporting wheat. China is said to be buying Brazilian soyoil for November – December shipment.  Commodity funds are now holding a record short wheat position. Harvesting activity increased over the weekend as the weather was nearly ideal across the Midwest. A system on Wednesday/Thursday will bring rains to the Midwest, but they are not expected to be heavy and harvest should quickly resume after the rain event with cooler temperatures and dry conditions expected next weekend and early next week. Traditional commodity funds are now short 79,700 wheat contracts and 30,000 soybeans and are long 78,600 corn. Index funds are long 304,000 corn, 88,000 soybeans, and 113,000 wheat contracts. Today’s reports include the export inspections report later this morning and the crop conditions report after the close which will likely show corn harvest near 15% complete and soybeans about 10% harvested. A two-sided trade looks likely for corn and soybean markets today as we brace for tomorrow’s quarterly grain stocks report.

6 to 10 Day Outlooks

Temperature

6 to 10 Day Outlook - Temperature Probability

Precipitation

6 to 10 Day Outlook - Precipitation Probability

8 to 14 Day Outlooks

Temperature

8 to 14 Day Outlook - Temperature Probability

Precipitation

8 to 14 Day Outlook - Precipitation Probability

Hugh Whalen|Commodity Risk Consultant | MID-CO COMMODITIES, INC.| Ph: 309-557-6010 | Fx: 309-828-2822| hwhalen@mid-co.com

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