3/27/18

Morning Bullet Points - 03/27/2018

GOOD MORNING 

 

MARKET HIGHLIGHTS 

 

WEATHER      

  • US winter wheat still dry in key growing areas in KS for the next couple weeks.
  • Argentina has chances for rains in western areas in the 6-10.
  • Brazil looks to catch scattered rains over the next couple weeks.

 

OUTLOOK

  • As long as the market doesn’t get an overly bearish corn acre number on Friday, I think prices will work higher from this area.  US and world stocks are headed lower right now, demand remains strong, and there is risk that the US won’t raise another record national yield this year.  Look for buyers to support the market on pull-backs, although moves between now and 11 am Thursday are unlikely to see follow through.
  • Beans have seen big swings the last two days, and I look for 10.30 to be a magnet until we get the acre number on Thursday.  With Argentine production ideas continuing to work lower, the bean outlook is not as bearish as was feared, but beans probably need a move higher in corn to have much of a chance of rallying from here.
  • Wheat will probably have a bearish stocks number on Thursday, but as long as the recent lows hold, I look for prices to work higher over time.

 

Fun Fact of the Day: The dodo, now extinct, was a flightless bird belonging to Pigeon and dove family. It lived on the island of Mauritius, east of Madagascar originally. The last known sighting of the dodo was in 1662.

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