- Expectations are that there will be more stimulus cuts on improving global economy, which is said to be led by the US. The next Fed meeting is scheduled for next week.
- The gold market and the US$ are weaker this morning.
- Energy markets are trading mostly higher this morning.
- Decent rains are forecast for Argentina again late next week.
- The corn market traded higher overnight in thin volume.
- Weather conditions are improving in SA this week and focus will be on how well crops progress.
- The H//K spread narrowed in to a 6 ¾ cent carry overnight. This compares to 7 ¼ yesterday.
- The soybean market traded both sides overnight after yesterday’s beating. Products are mixed this morning with soymeal trading higher and soyoil on the defensive.
- Palm oil closed 13 lower at 2574 ringgit on profit taking after 4 days of higher prices.
- Chinese bean prices were lower overnight.
- SA weather conditions remain favorable on decent rain showers this week.
- The wheat market traded higher overnight on what was thought to be commercial buying. This week’s winter storm is not expected to create much damage to the winter wheat.
- Algeria bought 50,000 tonnes of optional origin wheat from $285-$288 per tonne C&F for April shipment. France was thought to be one of the suppliers.
- Chinese wheat buyers are said to be looking for as much as 200,000 tonnes of optional origin wheat for April.
Outlook: 1-3 better on improving demand and cold weather across US Plains area