Morning Quick Notes

Overnight

  • Wheat is up 5 cents in early trade, corn is up 3 and bean are higher by 1 3/4 cents
  • WTI Crude is nearly unchanged. The US Dollar Index is off 544

Headlines

  • Stcocks and acreage reports due today from the USDA at 11 am. I would expect quiet trrade till then
  • Numbers to watch are how USDA numbers compare with trader's estimates of; corn stocks at 5.268 billion bushels, soybeans 1.225, and wheat 1.091.
  • Corn acreage is estimated at 88.562 million, soybeans 89.691, and all wheat at 47.124
  • Quarterly Hogs and Pigs yesterady showed all Hogs at 103.4% vs. last year, inline with the 103.0 trade estimate.
  • The US Senate passed its version of the 2018 farm bill yesterday
  • Good progess yesterday as drying conditions allowed harvest to resume locally 

 

Chart of the Day

Crude is trading at values last seen in Nov 2014