A quiet morning in the markets so far. All crops are down off the highs of a few weeks ago.
The next report due out is the USDA S&D revisions at 11:00 CT today – traders expecting the soybean ending stocks estimate to edge a little higher. Soybeans are staying under some pressure, with some Argentina rains in the forecasts, and also rain expected into S Brazil which will help with early growth.
The Brazil soybean crop is estimated at 109.2 mmt, down from last year’s huge 114.1 mmt crop, but still a large crop. The Brazil corn crop potential at 92 mmt down from last year’s big 97 mmt crop, Still very big!
Soybeans have come down 30+ cents in the past few days. Might find some support soon, as some degree of SA weather nervousness will persist.
Brent Crude prices have surged $4.50 higher over the past few days, nearing the $66 mark. Will the Can $ gain strength from this is the question? It is currently sitting at $ 77.850.
New crop soybean contract price at $ 410 / mt for the GEC elevators.
Price is subject to confirmation.