Futures quotes are end of day delayed. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice.
Morning 10 day SA precip – ARG and southern BRA still see a forecast for rainfall improvements from days 7 to further out.
The following are our estimates for the coming Cattle on Feed report.
Ethanol moderate, exports expected moderate/poor, some end of week selling possible
Ethanol will be expected strong again on today’s report, likely close to last week’s 1102K
Friday’s USDA report cut carryout by 198 mil bu, that new level of 1.540 now raises the fair valuelevel to a minimum of 520, the last time corn posted a carryout of 1.500 old crop was trading at $6
The new carryout numbers if seen as estimated would hint at fair values of 485 and 1050. We expecttrade to continue operating at a discount to fair value but a lower carryout would still be supportive.
The ARG forecast still has some light rains that were added yesterday, southern BRA rains are a bit heavier but likely not reaching normal levels just yet