MORNING OUTLOOK
USDA report day. Grains are mixed. SK is 6 cents and near 14.40. SMK is near 417.4. BOK is near 53.18. CK is down 2 cents and near 5.44. WK is up 7 cents and near 6.53. KWK is up 4 cents and near 6.26. US stocks are higher. US Dollar is lower. Crude is higher. Gold is higher. Paris based OECD raised World GDP growth from 4.2 pct to 5.6 pct. US from 3.2 pct to 6.5.
Chinese Ag futures (May) settled down 97 yuan in soybeans, down 32 in Corn, down 28 in Soymeal, up 150 in Soyoil, and up 24 in Palm Oil. Malaysian palm oil prices were up 40 ringgit at 3,918 (basis May), a 10 year high, awaiting tomorrow’s trade data.
In Argentina, dryness is still an issue. In Brazil, conditions will continue to be favorable in most of the nation’s key crop areas. There will be some fieldwork delays particularly in the north.
On Monday, Managed funds were net sellers of 4,000 SRW Wheat; bought 4,000 contracts of Corn; bought 3,000 Soybeans; sold 2,000 lots of Soymeal, and; net bought 4,000 Soyoil. We estimate Managed Money net long 19,000 contracts of SRW Wheat; long 360,000 Corn; net long 169,000 Soybeans; net long 60,000 lots of Soymeal, and; long 123,000 Soyoil.
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