Morning Quick Notes

 

Overnight

  • Grains are higher in the overnight
  • Corn is up 2 cents, beans are 4 1/2 higher and wheat is up mearly 6 cents
  • Crude is off 26 cents

 

Headlines

  • Next Wednesday Cropland will hold its annual stockholder's meeting
  • Due to the US Government shut down USDA reports scheduled for today will not be available
  • Additionally without reopening we will not be see confirmation of rumored export buying
  • AgroConsult lowered their Brazil soybean crop estimate by 5.2 MMT to 117.6 MMT.
  • Extended forcast maps for Brazil continue to show above normal temps and below normal precip for much of the northern half of the country

 

Chart of the Day (With MIke O'Dea from FC Stone commentary )

Couple of things going on now, talking to the exporters I do both onshore and off, sounds like we are finally seeing some of that outlier/non-traditional business we need to see for HRW, and this morning there is a rumor going thru the European markets of some form of informal export quota for Russian now, all talk but we are seeing some buying, have a couple of days of fund rebalance left to do.  Would need to take out $5.11 for this thing to get frisky.